Financial Times , 1982, UK, English

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FINANCIAL

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for building products, heat exchange, .
fluid power, special-purpose valves,

• general engineering, refined and
wrought metals.

pie, Birmingham, England

No. 28,733

PUBLISHED IN LONDON AND FRANKFURT

Thursday March 25 1982

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> «
. - — I

GENERAL

BUSINESS

Scarman Gilts
warns of weaken ;
army ‘ on Gold up
streets’ $2.50

Lord Scarman said the Govern-
ment aright have to call the
army on to the streets unless
the police won fee support of
fee public.

He was speaking an fee law
and order debate in the House
of Lords. The Commons is due
to deal with fee topic today.

The Lord Chief Justice
blamed fee increase in youth
crime on glossy pornography,
and attacked fee Met’s crime
figures as “ misleading.” Earlier
- story. Page 10.

Trident bids aid

A range of measures were
agreed to help British Industry
bid for subcontracts in fee
American Trident missile pro-
gramme. Back Page

Bangladesh coup

Bangladesh’s army chief.
Lieutenant-General Mohammad
Ershad. seized power in an
apparently bloodless coup.
Page 4

‘Cut traffic*

The Greater London Council
will consider changing drivers
of private cans for access to
central London. Page 7

Reagan venue

President Reagan will address
Pari&ment -from fee . Royal
Gallery, and not- & Westminster
K>H, when, he vistis in June..
Page 10-- •’

TUC aids Poles-

The first of, six, . lorries , carry-
ing TUCrorganised. aid worth a’
total of nearly ' £250,000 to
Poland left ^XondqiL Picture,
Page 9; Jaftxxelski to visit East
Germany,. Page 2 . ;•

Empiric^fposer

A British, gunboat, was f?at

' fTrrr' P'TtJ St^L-y. cpT'f- ( .

fee Falkland Islands, to Sonfe
: GHw/cau " .VWlK'JJ.
soveiyisnty wri* by

Argentine scrap merfeaais at
'fee 'Weekend. Men and Matters,
Page 22

EEC jubilee

The Treaty, of Rome, founding
charter of the European Com-
munity was signed 25 years ago
today. Feature, Page 22

Life for arsonist

A waiter was sentenced to life
imprisonment for starting fee
fire at the Las Vegas Hilton
hotel in which eight died last
year.

Typhoid fears

Thirteen people, mostly cfafl-
dreo. are in hospital in
Soofeampton after a typhoid
alert Two cases of fee disease
have been confirmed.

Ripper charity

A Bradford man offered £1,500
to set up a trust fund for fee
23 children of victims of the
Yorkshire Ripper.

Burger champs

British hamburgers are better
than American- ones, according
to Egon Ronays new guide to
fast food. Page 7

Briefly ...

Biggest hashish haul in Austra-
lia— two tonnes— was seized off
a Slap in Sydney.

Melbourne seagull survived an
operation, to remove a- crossbow
bolt from Sts neck.

FINANCIAL TIMES

The Financial Times apologises
to those readers who were
unable to obtain a copy of fee
newspaper yesterday. This was
because of production diffi-
culties.

London
2nd. Position
Futures

might force it to sell. The May
futures position was £28 lower
at £1,01&5. Page 35

• DOLLAR eased to FFr 6.215

(FFr 6.2525), SwFr L895
tSwFr 1.896) and ¥243.25
(Y245), and firmed to Ml 2JS65
(DM 2.3845). Its trade-welghted
Index was off {LI at 114.8. Page
29 ...

• STERLING put on 66 points
at$LS085. It rose to DM 4J515
.{DM *g) and SwFB.-a.43
<SwFr 3.42) but was down at
FFr 11.235 (FFr 1L265).- Its
Bank of England index was 91.4
(9L2). Page 29

e WALL STREET was off 3.04-
' a* 823.63 before fee dose. Page
34

• THE REAGAN Administra-
tion will oppose any attempt by
Congress to impose trade
penalties, on countries which
restrict access of U.S. goods to
their markets, officials said.
Back Page ‘

• STOCK EXCHANGE

resisted insurance companies*
calls to cut substantially the
charges made by brokers on
gilt-edged purchases in fee
stock market. ■ Page 8

• CHEMICALS industry said
capital investment for the next
three years would total £4.6bn,
a fall in real terms of mow* than
6 per cent from 1979-81. Page 6

• SIR KEITH SHOWERING,
chairman, and chief executive of
Allied Lyons, died at 52. Sir
Derrick Bolden-Brown, vice-
chairman, -will replace him.
Obituary, Page 8

• WEST GERMANY’S cabinet
aproved a five-year, DM X2.8bn
(£3>bn) research programme on
alternatives to oil, especially
nuclear power. Page 2

• SOUTH AFRICA raised in-
dividual and corporate taxes for
fee second time in less than
two months, because of fee weak
gold price. Page 4

• PRUDENTIAL Corporation
saw a rise of nearly 40 per cent
in life profits last ' year to
£ 550.2 m and raised its dividend
to 12. 5p (lip) wife a final of Sp.
Page 26; Lex, Back Page

fe B1CC reported group pre-tax
earnings up 37 per cent to
flOLShn in 1981 after a strong
performance in overseas cable-
making. Page 24; Lex Back Page

• AM International, U.S. office
equipment company,- reported-
net losses in the quarter to
January of $28.6m (£i5Bm). fou
a half-year loss of $44fim.
Page 31

Soviet Union woos
China with call for
fresh border talks

BY DAVID BUCHAN, BASTERN EUROPE CORRESPONDENT

• GILTS turned easier after
their recent rally. The Govern-
ment Securities index shed 0A2
at 69.13. Page 36

f EQUITIES were narrowly
mixed. The FT 30-Share index
ended L7 lower at 562.6. Page 36

• GOLD rose $2-5 to $332 in
London. In New York fee
Com ex March close was $3334).
Page 29

• COCOA prices hit an eight-
month low on rumours that
Nigeria’s economic crisis

h

COCOA

J

CHIEF PRICE CHANGES YESTERDAY

(Prices in pence unless otherwise Indfcafe d);

RISES

Treasury 2Jpc IL..J98i

Ash and Lacy - 290

Bell {A.) - 1£6

Best obeli 365

DRCr - 8$

Firth (G. M.) 201

Fisher (A.) 47

Lane (Percy) 53

Midland. Bank 350

Pearson Longman-. 305

Ricardo 472

Rockware 71

Rotork 50

Slough Estates ... 143.
Willis Faber 445

LASMO ' .... 300

Tricentrol : 198

Anglo Amer Gold £34
Impala Pfatin am ... 210

MIM Holdings 161

Hlnoreo 365..

Rustenburg. Plat ... 162
FALLS

Exchqr 12k* ’90..J93I
Treas 12fpc 1995... £95}
Treas 12fc>c ‘034)5. ..£98}
Armstrong Equipt 28

BICC 335

Berwick Timpo ... 33
Federated Land ... 148
. Hepwbrth Ceramic 110
London Manchester 260
Lucas Inds < 195 !

Maynards ............ 182 -

-Watmoughs 180

THE SOVIET UNION is “ready
at any moment ” to reopen
border talks with China -and to
end “ the state of hostility and
estrangement ” between the two
Communist superpowers. Presi-
dent Leonid Brezhnev said
yesterday.

Mr Brezhnev’s overture, con-
tained in a speech made in Tash-
kent, dose to the northwest
Chinese frontier, was fee most
emphatic conciliatory gesture
from fee Soviet Union since fee
dispute over fee border between
fee two nations took them to
fee brink of war in 1969. Signi-
ficantly it comes at a time of
mounting tension between
China and the U.S. over UE.
arms sales to Taiwan.

There was no. immediate
reaction from Peking. The
Chinese leadership is con-
sidered unlikely to respond
positively in fee short term to
the Soviet leader’s offer of ap
olive branch unless it is fol-
lowed by concrete concessions.

But Mr Deng Xiao Ping, the
Chinese leader, was yesterday
quoted as saying China was
“ well prepared " to downgrade
relations wife the U.S. because
of fee Taiwan issue.

Mr Deng’s comments were
made last month to Prince
Norodom Sihanouk, fee former
Cambodian ruler, but were re-,
ported in Peking only
yesterday.

Pointedly Mr Brezhnev
noted in his Tashkent speech
that fee Soviet Union had
never quarrelled with Peking’s
** sovereignty over Taiwan
island,” the precise issue that
is straining Peking’s relations
wife fee Reagan Administra-
tion.

Any shirt in the power
triangle between the U.S.. the
Soviet Union and China could
have immense consequences.

It was the Sino-Soviet rift in
fee early 1960s which opene'd
the way for the U.S. to establish
ties wife Peking. It has tied
down as many as 46 Soviet divi-
sions on its 4.000-nriIe far
eastern border with China.

Mr Brezhnev played down
ideological and territorial dis*
putes with China. “ We did not
deny and do hot deny now the
existence of & socialist system
in China — although Peking's
sanction wife the policy of
imperialists in the world arena
contradicts, of course, the
interests of socialism.

The Kremlin was ready to re-
open. border talks and also to
discuss “possible measures to
strengthen mutual trust in the
arena of the - Soviet-Chinese
frontier."

This could mean pulling back
troops on both sides, although
Mr Brezhnev did not say so.

The disputed Sino-Soviet
border along the Amur and

Ussuri rivers led to an armed
dash in 1969.

Desultory negotiations to re-
solve this issue were
abandoned in 1978, but last
autumn the Soviet leadership
started making public sugges-
tions that the talks should be
resumed.

The differences between the
two powers have been exacer-
bated by Chinese objections to
the Soviet invasion of Afghani-
stan and its involvement in
Vietnam and Kampuchea.

Mr Brezhnev’s speech, which
also called on Japan to recon-
sider a Soviet proposal made
last year for military confidence-
building measures in the Far
East, was astutely timed.

It comes before fee expected
arrival of Mr John Holdridge,
the US. Assistant Secretory for
Far East Affairs, in Peking in
the next few weeks.

Some observers believe it
may just be a facet of a wider
peace propaganda drive, of
which Mr Brezhnev’s proposal
last week to halt temporarily
deployment of SS-20 missiles on
fee Soviet western front is
another part.

• Equally, fee Kremlin may feel
that Poland, Afghanistan, and
nuclear negotiations have given
it quite enough to cope wife,

Editorial Comment, Page 22

China bid to attract foreign
investment. Page 6

Scargill likely to ask for
27% rise in miners’ pay

BY JOHN LLOYD, LABOUR EDITOR

MR ARTHUR SCARCER , fee
militant ioaoming presiAebl of
the Naitona! Unsan^of %Mfa»C
workers, is. likely to. -present fee
Coal Board and the Government
wife a demand for. at least a 27
per cent pay rise for fee
conn&y’s 250,000 muKWork&s at
fee start of the next pay round
in the' autumn. -

A motion from Mr ScazgUl’s-
Yosksh&re area seeking a £110
basic ’■mjnftnmc Wage for fee
lowest paid surface workers
appears on fee agenda tor fee
National Union of Mtoeworkers’
conference at Inverness in July.

Motions from ' fee smaller
Scottish and South Waites 'areas
call tor a basic of £120, a rise
of about 39 per- cent The Dur-
ham area ban demanded a. rise
to fee basic wage to £115. '

Left-wingers on the NUM

executive . yesterday said /they
believed the .Yorkshire riotion
acceptance at

fee " conference;

It is backed by a cadi for a
special delegate meeting in the
likely event of the Coal Board
rejecting the claim and for a
ballot vote to authorise “various
forms of industrial action” if
the special conference rejects
the board's offer.

The conference will also Be
asked to approve a Yorkshire
motion which would reduce fee
55 per cent majority needed in
a ballot on industrial action to
a "simple majority,” making
strikes and other industrial
action easier to mount Execu-
tive members believe the con-
ference vote on this issue will
be narrow.

A call from the Derbyshire

area for f.ve-yeariy elections of
ali jfwH-tVne NOM * officials,
including " the- 'preside#^ has
been excluded from the agenda.
Mr Peter Heathfield, fee Derby-
shire area secretary, said yester-
day he would challenge fee
decision on the conference
floor.

He said fee motion had been
ruled out of order by Mr Joe
Gormley, fee retiring president,
at last month's executive meet-
ing. It bad. however, attracted
fee support of Mr Scargill at
fee executive, and he will chair
fee Inverness conference.

The motion, if passed, wouM
mean that Mr Scargill, under
present rules president for life,
would have to submit to
re-election every five years.

Closed shop row looms at BL,
Back Page

Shell UK attacks N. Sea oil tax

6Y RAY DAFTER, ENERGY EDITOR

SHELL UK, whose net profits
fell 58 per cent to £158m last
year, yesterday warned that fee
Government’s North Sea oil
taxation policies were ruining
Britain's chances of remaining
self-sufficient in oil into the
1990s.

Mr John Raisman, chairman
and chief executive, said fee
company’s tax bill — up from
£95m in 1980 to £502m last year
— was one of the main reasons
for the drop in profits. The
company had also been hit by
the economic recession, a
further decline in oil demand,
the fall in fee value of fee
pound against the dollar and
losses in its chemicals
operations.

The results were “ disappoint-
ing.” he said.

SheH UK, one of fee market
leaders in the UK oil products
sector had a turnover of £5^2bn
last year compared wife £4J2bn
in 1980, when its net profit was
£373m. Its pre-tax ..operating
profit rose from £614m in 1980
to £887m.

When the results -were recal-
culated on a current cost
aco anting basis, however, -Shell
UK was seen to have made a
loss of £65m last year as against
a profit of £166m in 1980.

Mr Raisman regretted recent
Budget measures had not eased
the North Sea tax burden. The
introduction of a new Advanced
Petroleum Revenue Tax penal-
ised fee early cafe, flow from
new fields and inhibited -fee
exploitation of farther offshore
reservoirs, he said.

He urged fee Government to
reconsider fee taxation system,
warning that UK oil self- ■
sufficiency — achieved for fee
first feme last year — might hot
be sustained doth fee next
decade. There were enough oil
reserves to stay setf-eofficaeat
into the next century , given fee
right investment climate.

Shell and Its offshore partner
Esso expect to produce more
than 500,000 barrels of oil a
day from the -North Sea this
year, about a quarter of the-
total output Mr Raisman

— CONTENTS - "

Treaty of Rome 25 years on: rougher

still and rougher 22

Economic viewpoint: getting the U.S.

off the hook - 23

Luxembourg: irate government calls

Belgium to account 3

Business law: taking the heat out of

trade disputes 12

Jobs c olumn : how universities “add
value v - to their • students 13

American! Nmw M
Appointment s , MH
Aperts. Advtg. wm

Aha ........

Technology: UK industiy falls behind

in microelectronics 19

Management: how BP makes contact

with the public 20

Editorial comment: Brezhnev and China;

cheap fares; top people’s pay 22

Lombard: Peter Montagnon on inter-
national bankers’ caution 23

Bnnyj; how it was freed from
mediocrity 30-

Osmmodhlo* ......

CpinpnjBff UK ...

Caofawrts

CroMword

Econ. Indicator* ...
Entertain. Guido ...
European Noun ...
European- Options

Euromarket*

FT Actuaries

4

Forolyn Ekohaogas

23

Share Information 38 JB

INTERIM STATBW0ITS

33

Inti. Compute*

31-33

Stock Markets:

Burton -

27.

J3-18

-Jobs Column' — .

15

London

36

Sirdar

26

21

LMdar Page .........

22

Wall -Street

34

18

Lotte rs

23

-Bourses -

34

ANNUAL STATEMENTS

40

12

24-28

Lombard

23

TV and Radio ......

12

BICC

26

0

London Options ...

28

UK Now

Church and Co., ...

29

21

MOIMBMNUt

20

Gmoral

7.8

Comhill Insur. ...

77

18

Mm ft Maturo ...

22

Labour

9

Eagla Star

25

21

Mining

■ 28

Unit Trusts:

Kenning Motor ...

27

2,-3

Money Markets ...

29

Authorised

29

hrey Una

28

26

,4

.Other*

37

Prudential

24

- 32

PaiUamont'

10

Weather

40

Vickers

25

i. 36

Racing

12

World Tied* News

S

33

Polls put
Jenkins
ahead in
Hilihead

By Peter Riddell, Political Editor

MR ROY JENKINS enters fee
Glasgow Hilihead by-election
today as the favourite to win,
after conflicting signals from
opinion polls earlier this week.

Three polls in this morning's
papers ell show that fee Social
Democratic/Liboral Alliance
has pulled ahead to look like
a fair winner, in front of Mr
Gerry Malone, for the Conser-
vatives, and Mr David Wiseman,
for Labour.

The campaign has been one
of fee most exciting and closely-
fought for decades and has been
marked by saturation canvas-
sing with large attendances at
public meetings.

Any forecast still remains un-
certain, in view of fee differing
results of fee polls, the large
number of "don't knows." arid
fee apparent reluctance of
many people to disclose their
voting intentions after so much
canvassing. In the past week
different polls have put each
of the three main parties ahead.

Ail the signs from the polls
taken as a whole and from
reports from fee constituency
are that fee Labour vote has
started to slip and feat fee
contest is between the Alliance
and the Conservatives. This
I morning’s polls suggest there
I has been a shift towards Mr
I Jenkins in the last week from
undecided voters and from
former Labour voters.

An Audience Selection poll in
today’s Sun gives Mr Jenkins
35 per cent of fee vote, with
29 per cent for the Conserva-
tives. 25 per cent for Labour,
and 11 per cent for the Scottish
Nationalists.

Broadly similar results are
shown by polls from NOP in
the Daily Mail and from MORI
in the Daily Star/Daily Express.
The MORI fimires show Mr
Jenkins with 33 per cent,' Mr
Malone with 27 per cent, and
Mv Wiseman wife 26 per cent.

These result? follow ? GfHud
P oll in yesrendsy's jv?ily Tele-
graph. which save- Labour 33
per cent, t?!5. Conservatives
27* pea* cent and the Alliance
26| per craf. The conclusions
were widely disebunted at
Westminster.

There l? still much un-
cert a intv about the Scottish
Nationalist vote, following the
effective campaien of Mr Geort-e
Leslie. -There he«; been some

Continued on Back Page

Nigerian crude
oil production
is cut by half

BY QUENTIN PEEL, AFRICA EDITOR

> NIGERIAN oil production has
i slumped by almost half in the
j past five days, from a rale of
1.2m barrels n day lasL week to
some 630.000 barrels yesterday,
following the Organisation of
Petroleum Exporting Countries'
agreement on prices and pro-
duction levels reached in
Vienna last week, according to
oil company officials in London
i and La cos.

J The enforced cut. due ?d fall-
ing sales, must put fee
Nigerian Government under
enormous pressure again to
break ranks from Opoc and cut
its nr ice.

This comes despite Nigeria's
commitment to Oner’s acrec-
ment last week set fins a price
j n r $35. BO a barrel for its crude
oil and aereerl production
! quotas for all Once members
in an attempt in stem the oil
pint and maintain an Opec
reference price of 634 a barrel.

Many oil traders do not
believe Opee's production ruts
to a new ceilinp of 17.5m barrels
a day will suffice to end the
glut, while Nigeria's problems
underline the market’s softness.

The latest figure for Nigerian
oil production is comparable
with that at the height of last
year's oil glut in August when
it was cut back to an average of
708.000 barrels a day.

The country is now facing a
critical foreign exchange short-
age, with reserves at the end of
February estimated at some

$3bn — loss than two months*
import cover. Last month's
trade deficit alone ts put at
almost SI. 41m.

Nigeria’s plight was dramatic-
ally underlined by Tuesday's
decision by fee Central Bank to
instruct commercial banks in
Lagos not to process any further
foreign exchange applications,
which js seen as a prelude to
import curbs.

The cut in oil production is
a direct response to the lack
of customers far Nigeria's high-
grade Bonny Light crude, which
ix the grade closest to the North
Sea oil. However, whereas
North Sea oil is now priced at
831 a barrel, Nigeriau crude is
selling Tor $35.5u as a result
of Ihe Opec meeting.

Although production had re-
covered from the August low
to almost i.8ni barrels a day
last December and maintained
that level in January, it was
down to 1.4m b/d in February,
and same lj*m b/d earlier this
month, as sales declined.

Company officials argue that
produel inn was maintained at
some 1.2m b/d last week in the
expectation of a large price cut
at the Opec meeting. The slump
was aggravated because those
expectations were dashed.

Since the Opec meeting,
Nigerian Government officials
have been optimistic about
prospects for maintaining the
agreement, under which Nigeria,
is allocated a production quota
of 1.3m b/d, at a price of $35.50.

Vickers seeks £24m from
one-for-four rights issue

£ in New York

previous

Spot '51.81B5-8Q40 'S 1.7985 7995
1 month :0JL9-QJ23 pm jO.24-0.27 pm
3 months 0.64-0.69 pm ,0.71-0.76 pm
12 months 2.30-2,40 pm '2, 45-2 .5 3 pm

BY IAN RODGER

VICKERS, the diversified engin-
eering group which acquired
Rolls-Royce Motors in xnid-1980.
launched a one-for-four rights
! issue yesterday at 133p to raise
)■£ ZiAut.

The call oh shareholders had
been widely expected because
fee company had advanced by a
month its usual rate for
] announcing its year end results.
Such changes are often associ-
ated with the need to secure a
gap in fee Bank of England’s
new issue queue.

The shares, which stood at
167p at fee end of last week,
had fallen to 160p by Tuesday
evening and eased 2p yesterday.

Mr David Plastow, chief
executive, said the group
needed the £23.3m net pro-
ceeds to increase its flexibility.
Net borrowings would ho
reduced from 55 per cent to 39
per cent of shareholders’ funds.

The development of fee
group's strategy was aimed at

concentrating and consolidating
its interests in selected activities
wife capital spending in fee
UK and overseas on existing
businesses and on acquisitions.

Vickers’ profits last year fell
14 per cent pre-tax partly
because fee UK engineering
businesses suffered badly from
the recession. But fee profits of
Rolls-Royce Motors were sharply
higher.

Vickers absorbed £5.5m in
closure costs during 19S1. and
shareholders’ funds fell 3 per
cent to £2S5.4m. But the final
dividend is maintained at 7.45p,
making 12p for the year.

Mr Peter Matthews, Vickers*
chairman, said that maintaining
the payment was justified by fee
savings- that would be generated
from the closures.

The group had reached a
settlement with fee Ministry of
Defence nn the cancellation of
Continued on Back Page

Vickers down £4m. Page 24

warned that taxes might force
Shell to defer one or more
development projects.

Projects under review in-
cluded the Tern field and three
or four medium-sized discoveries
— each of 100m to I50m barrels
of recoverable reserves — in -toer
central and northern parts of
fee North Sea. ,

Shell was using all its North
Sea oil in its refining operations,
which ended last year margin-
ally profitable on an historic
cost analysis. On a current cost
accounting basis fee down-
stream off refining and market-
ing business made a £40m loss,
he said.

Shed] is leading on industry
movement to raise petrol prices
in urban areas by 5p a gallon
to about 160p although accord-
ing to Mr Raisman it is uncer-
tain whefeer Shell can make
fee new pnees stick in fee
depressed market.

Mr Desmond Watkins, manag-
ing director of Shell UK Oil- —
the marketing and refining arm
Continued on Back Page

form each individual person or group mass subject to variation. There are no efficient means
It is apparent that any further effect of a relationship is determined by the demand for books

CAN YOU
AFFORD
OFFICES IN
LONDON?

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rates exceeding £30 sq. ft.,

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Get the facts from Douglas Smith. -j

industrial Adviser,- *

Civic Grices. Swindon.

Tel: <0793) 26161. or Telex 444548.

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EUROPEAN NEWS

Financial Times Thursday March 25 1982

Bonn doubles support for energy research

BY JONATHAN CARR IN BONN

THE WEST GERMAN Govern-
ment has earmarked DM I2.8bn
(£2.97bn) in federal funds to
the end Of 1985 for energy
research and development This
Is more more than double the
sum set aside for this purpose
in Bonn's previous four-year
programme.

Herr Andreas von Buelow,
the Technology Minister,
stressed . yesterday that much
of the total sum would go -in
grants to projects for which
private industry would have to
hear half the costs.

The total investment sum
could thus come close to double

that put up by Bonn, and
would have considerable import-
ance in safeguarding existing
jobs and creating new ones.

However, the Federation of
German Industry promptly
called on Bonn to end “the un-
certainties and delays” associ-
ated, above all. with the
country’s nuclear energy plans.

Only if the Government gave
a clear and decisive lead could
private enterprises be encour-
aged to take tie risks involved
in key sectors of energy
research, it said.

The federation was 1 referring
to continuing differences within
the government coalition parties

over nuclear power station con-
struction and. not least, over
development of fast breeder
reactors.

While Bonn plans continuing
support for both the fast
breeder and high temperature
reactor projects, the new pro-
gramme lays special emphasis
on coal processing — above all
gasification.

More than DM 2bn (£465m)
is being set aside for coal pro-
cessing — rising from DM 289m
-<£67m) this year to DM 835m
(£194m) in 1985. The aim Is not
simply to reduce West Ger-
many's dependence on imported
oil, hut to boost the country's

position 3s an exporter of gasi-
fication plant.

A further large slice of the
funds is earmarked for
“rational energy use": the
encouragement of processes
bringing significant energy sav-
ings with relatively little out-
lay.

In contrast little more cash
is being made available for
alternative energy sources, such
as solar and wind energy, than
in the previous four-year pro-
gramme, Herr von Buelow
noted thta experimental plants
were now under way and it
was important to await results.

Even as Herr von Buelow was

announcing the programme
Count Otto Lambsdorff. the
Economics Minister, was speak-
ing out against a proposal that
no construction o£ new nuclear
power stations be begun in
West Germany for the next two
years.

Count Lambsdorff, a member
of the Free Democrat Party,
junior partner in the Bonn
coalition, noted in a speech that
such a proposal would come
before the congress of the allied
Social Democrat Party in
Munich next month.

The Minister stressed that he
saw no cause for a halt in con-
struction

Stewart Fleming and David Marsh examine forebodings of strains in the system

Bundesbank resists wider role for EMS

'IN THE plush, space age head-
quarters of the Bundesbank,
West Germany's central bank,
the third birthday earlier this
month of the European Mone-
tary System was celebrated in
an atmosphere of distinct fore-
boding — heightened by a strong
whiff of deja vu.

The foreboding arose because
the present unrest centred
around the French franc in.
Europe's currency stabilisation
scheme was not unexpected

Herr Karl Otto Poehl, the
Bundesbank president, has
gloomily forecast for well over
a year that the EMS was
destined to suffer growing
strains unless its member states
made more progress in reduc-
ing the divergences between
their -rates of inflation.

The. Bundesbank has made it
dear that it will refuse to sanc-
tion any further development of
the EMS along lines suggested
by the EEC Commission unless
irhe scheme’s basic orientation to
put “ stability first ” remains
intact. •

The Bundesbank sees recent
speculative attacks on the franc
as confirmation of general fears
that the French currency in
the hands of the Socialist Presi- .
dent Mitterrand, has become one
of the “ softer " members of the
monetary system.

The present troubles of the
EMS — in -which the Belgians,
French, Italians and Irish are
now all fending off devaluation
pressures — have surfaced at the
same time as the D-Mark is
moving towards regaining its
former fabled status as the
EEC's hardest currency.

This is more than simply
coincidence. One of the reasons
for the relative stability of the

EMS during its first three years
of existence was the depression
hanging over the D-Mark
caused by West Germany’s
balance of payments troubles.

Now, after, three years of
serious deficits, the Bundes-
bank expects a balanced cur-
rent account this year, while
other bolder forecasters are
confidently predicting a strong
return into the black. Addition-
ally. German inflation is falling,
oil prices have been sinking
fast and worries over Poland —
a strong factor behind the
D-Mark’s weakness last year-
are starting to recede.

The improvement in the
fundamental factors governing
the D-Mark has come at a time
when inflation and the balance
of payments have been worsen-
ing in France. This has focused
the attention of the currency
market on the basic differences
of economic policy between
Bonn and Paris. Foreign ex-
changes, preferring to vote in
favour of governments -likely
to produce less inflation, are

in effect giving President
Mitterrand's policies the
thumbs down.

The vote of confidence in
favour of the D-Mark so far
has not been extended beyond
the EMS. Against the dollar,
the German currency remains
becalmed in the region of
DM 2.35 to DM 2.4. With the
weakness of oil prices lowering
the danger of an inflationary
thrust from, a strong dollar,
however, the Bundesbank is
now far less worried about the
D-Mark’s low rate against the
U.S. currency than it was a year
ago.

As an indication of Europe's
efforts to lessen its link with
fluctuating U.S. interest rates,
the Bundesbank along with the
Dutch and Swiss central banks
last week cut interest rates by
half a percentage point in spite
of the continued strength of
the dollar.

Underlying its more relaxed
attitude, the Bundesbank has
recently made hardly any effort
to curb the fresh rise of the

U.S. currency through foreign
exchange intervention.

Within the EMS. too, the
Bundesbank has had little
reason for intervention. The
French franc has been
stretched to its full interven-
tion limit against the Dutch
guilder — currently the top EMS
currency— but not against the
D-Mark, which is the second
strongest

This has meant that the
Bundesbank itself has not had
to wade into the intervention
arena by selling D-Marks and
buying French francs. This is
something that it would anyway
be disinclined to do, if It could
help it, given the German
currency's continued weakness
against the dollar.

If the basic uncertainties sur-
rounding the franc persist,
however, it is hardly likely that
the Bundesbank will be able
to remain in a back seat role
for long.

Once another member
currency touches its "floor" rate
within the EMS, the Bundes-

Airbus credit guarantees raised

BY OUR BRUSSELS CORRESPONDENT

FURTHER financial support
for the European Airbus pro-
ject, on which thousands of
West German jobs depend,
has been approved by the
Bonn Government The Cabi-
net yesterday agreed to raise
the ceiling for federal guaran-
tees of credit for the project
to DM 4. 1 bn (£953m) from
DM 2.85bu (£662m).

It also decided to make ‘

available DM 165m (£33m)
in repayable development
grants and another DM 288m
(£67m) to help market the
medium-range jet, which is a
joint project of West Ger-
many, . France, Britain and
Spain.

The development grants are
aimed chiefly 'fit producing
a version with greater seating
capacity of the Airbus A-300
which can carp' up to 300

passengers.

The programme envisages
construction of 860 aircraft
into the next decade. It is
estimated til at more than
11.000 jobs in the West Ger-
man aerospace industry,
mainly in the Hamburg And
Bremen region in the north,
depend on the project. A
further 3,000 jobs . in other
sectors are dependent on
orders for ancillary parts.

bank is committed, -under the
system’s intervention mechan-
ism, to make available unlimited
quantities of D-marks in order
to support it.

Just as it was when the EMS
was set up in 1979, however,
the Bundesbank remains reluc-
tant to become dragged into
wide-ranging intervention obli-
gations to shore up persistently
weak currencies.

For this reason, the central
bank gave its strong support to
the Bonn government when the
Germans earlier this month
blocked efforts in Brussels to
change some of the EMS’s inter-
vention rules.

The plans were drawn up by
the EEC Commission and
backed by France and Belgium.
They would, in effect, have
required the “strong" central
banks within the system— that
is, the Germans and the Dutch
— to spend more of their
reserves in supporting cur-
rencies under pressure to
devalue.

The Bundesbank’s refusal to
countenance this will probably
win it few friends in Paris in
the .coming months. It may
even lead to charges that it is
sabotaging the development of
the system along the ambitious
lines favoured by the Brussels
Commission.

A top Bundesbank official
remains adamant, however, that
changes in the system— for
instance, widening its scope
under the much-vaunted and
much-postponed “second stage"
envisaged when it was set up
three years ago— would be use-
less unless they lead *o progress
in reducing Inflation.

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Italy faces
one-day
strike call

By James Buxton in Rome

ITALIAN TRADE unions are
expected to call a one-day
general strike early next mouth
in protest against the failure
of talks aimed at reaching a
pact with the Government-
For Sig Giovanni Spadolini,
the Prime Minister, the failure
of a 13-hour negotiating session
on Tuesday marked another
setback in his nine-month,
straggle to persuade the unions
to agree .to contain the cost of
labour. A direct confrontation
between unions and manage-
ment is now more likely. .

The Government wants the
unions to agree to keep labour
costs, within its 16 per cent
average inflation rate .target for
1982. Through the signs are
that the annual inflation rate
this month is already down to
16 per cent, it must drop further
before an average of that figure
is achieved for the year.

Two elements endangering
this are the fact that negotia-
tions involving many workers
on the renewal of three-year
wage contracts due to run from
January 1982 have not yet
begun, and that a potentially
inflationary upturn in the
economy is widely expected
The Government wants the
unions to accept a ceiling on
the triggering of the aeata
mobile < sliding scale) wage
indexation system, but this
depends on their acceptance of
a number of other measures.

At Tuesday’s talks, agree-
ment was reached on seme of
these issues. But there was no
agreement on a promised
investment fund, worth up to
La.OOObn (£2.1bn), which, the
Government had promised to
relieve unemployment
The lack of agreement on a
Government-union pact is delay-
ing the start of negotiations on
the renewal of three-year con-
tracts.

The first union to go in to
bat the metal workers, is to
demand the reduction of work-
ing hours from 40 to 37 j Ifours
a week, as well as measures to
make sure that its members do
not lose earnings as a result of
modification of the scala
mobile. .......

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Pressure
eases on
French
currency

By David Houwgo In Pari*

THE . FRENCH franc
respite on the foreign ex-
changes yesterday when it
strengthened against Euro-
pean currencies and the US.
dollar amid fresh signs that
Paris is determined to resist
a -realignment under specula*
five pressure.

The Bank of France raised
its day-to-day money market
rate by one point to 18 -per
cent. The rate ha sbeen raised
by four points over the past
10' days.

The franc strengthened
against the dollar, closing in
Paris at FFr 6.229 against its
record low on Tuesday of
reached 6.20.

Against the D-Mark it rose
to FFr 2.6166 and against the
Dutch guilder to FFr 2.366.
Both currencies were at their
ceilings in the European
monetary system against the
French franc on Tuesday of
FFr 2.6205 and FFr 2.3706
respectively.

The continuing vulner-
ability of the franc, however,
was reflected in a weakening
during afternoon trading from
its peak against the D-Mark,
the guUder and the dollar.

Dealers believed that the
Bank of France, as well as the
Dutch and West German
central .banks, had inter-
vened in support.

Signs of a slowdown In the
economy in the early months
of the year were further con-
firmed yesterday by a fall in
the official production index
in January.

The government statistics
bureau. Insee said industrial
production declined by 3 per
cent compared with Decem-
ber. It attributed this, how-
ever, mainly to exceptional
factors relating to energy-
production and the energy
construction industry.

The index is also only a
partial guide to the pace of
economic activity in that it
covers only 40 per cent of
Industry and excludes the
capital goods sector.

None the less, the fall
reinforces other reports both
by Insee and the .Bank of
.France which point to a
slackening of consumption
and production in January
and February.

M Jacques DeUrs, the
Finance Minister, still holds
to the view that the economy
as measured by GNP is grow-
ing at an annual rate of 3 per
cent and industrial production
at 4 per cent

Belgian steel vote

Workers at the Coefcerill-
Sambre steelworks in
Charleroi, Belgium, have
voted to return to work, end-
ing a month-long strike in
protest at threatened job
losses in the Industry, accord-
ing to union officials, Reuter
reports from Brussels. The
rest of the 20.000 workforce
are still on strike in the Liege
area.

Spain’s bid to join

Community
enters crucial stage

BY JOHN WYUE5 jN BRUSSELS

SPAIN'S negotiations on its
application to join the Euro-
pean Community have reached
a crucial phase following agree-
ment this week on a variety of
technically important but poli-
tically less controversial issues.

Sr Jose Pedro Porez-Uorca,
the Spanish Foreign Minister,
will meet his EEC counterparts
for negotiations in Luxembourg
on June 21. These will embrace,
among other things. Spain’s de-
mand for an 8 - 10 -ycar transi-
tion period before it dismantles
all tariffs against Industrial
goods from elsewhere in the
Community.

Madrid plans to take a stand
on this issue in return for its
undertaking to introduce value
added tax from the date of
accession. However, member-
governments will be pressing
for & shorter transition period
on industrial tariffs to counter-
balance Spain’s demand for the
earliest possible removal of
EEC barriers to its agricultural
produce.

Ministerial-level negotiations
this week appear to have estab-
lished some . momentum in the
long-running . exchanges be-
tween the two sides. Broadly
speaking, vital progress was
made in - five areas: capital
movement, regional policy,
transport, rights of establish-
ment, and freedom of services.

On capital movements. It was
agreed that private Spanish citi-
zens would have to wait five
years before they had full free-
dom to purchase property else-
where in the EEC, and three
years before thev could buy
securities on other EEC stock
exchanges. Transition periods of
up to four years were agreed
before the full application in
Spain of EEC law governing the
tachograph, which monitors
truck drivers’ hours.

Meanwhile, a protocol on
regional policy was settled
which implies that the Com-
munity is not bound to supply
regional development aid for all
parts of Spain.

Sr Perez-Horca: . talks In
Luxembourg

The British delegation is tak-
. mg some credit for clearing the
path to agreement on insurance
services. Co-insurance has
proved a particular problem
because of Spanish concern to
protect companies established
there,- Ag result, these will not
be obliged to shore insurance
risks With non-Spanish- com-
panies for three years after
membership, but the oppor-
tunities for other EEC Insurers
will be opened up progressively
over fhe following three years.

The questiob oF bringing the
Spanish peseta 1 into the basket
of currencies 'establishing the
European currencv unit,
remains undecided. The EEC is
reluctant to commit itself to
accepting both the peseta and
the Portuguese escudo in
advance of enlargement. But it
may weft do so after the two
countries have joined the Com-
munity if it is satisfied that
their currencies will not have
a destabilising influence on the
Ecu's value.

Pessimistic mood returns
to Europe’s industrialists

BY GILES MERRITT IN BRUSSELS

ECONOMIC ANALYSTS at the
European Commission have re-

S orted a “ disturbing ” break
i the trend of improving
indicators noted by the Com-
munity’s business opinion
surveys over the past three
quarters.

The return to pessimism
among European industrialists
interviewed in the EEC's sur-
vey last month Is dearly
causing some concern inside
the Commission. Although the
EEC’s preliminary report
warns that too much should not
be' read into a single month's
results, it suggests that the
survey shows “the conditions
for a sustained recovery in
economic activity are still not
completely satisfied.”

The first indicator that the

.report finds worrying, is ihe
' renewed . weakening, jo{. .Euro-
pean chief executives’ order
book judgments this year, fol-
lowing the generally strong re-
covery .that . had marked
Industrial ‘ order-book opinion
in the second half of 1981. For
February, the level of unfilled
orders also fell

The survey also noted that
last month, as in January, the
percentage of EEC indus-
trialists who expect production
to decline over the coming
three months exceeded by five
points those who anticipated a
rise in output for that period.

The one positive sign that
the Commission analysts could
point to was that the survey
reaffirmed that industrialists
expect -inflation to decline.

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. . Financial Times Thursday March 25 1982

EUROPEAN NEWS OVERSEAS NEWS

Devaluation puts a partnership under strain

hate Luxembourg calls
Belgium to account

Quite frankly” said a senior
Belgian official, “the Lnxem-
bonig franc on Its own would
last about three weeks. 7 * With-
out disparagement, be meant
that as a vulnerable currency
it would be quickly wiped out
by speculators. A veteran
American banker in Brussels
echoed this view when he
asked rhetorically; “ Can you
really have a currency for
Just 340,000 people?”

Vet this morning; Mr
Wllfried Martens. Belgium’s
Prime Minister is travelling
to Luxembourg to meet his
counterpart there, M. Pierre
Werner, to discuss the
economic developments and
ensuing tensions that have led
the Grand Duchy to ponder
precisely such a move.

Stung in both the wallet
and the amour propre by
Belgium’s unilateral decision
last month to devalue the two
countries* joint franc by &5
per cent, Luxembourg has, in
effect, summoned Mr Martens,
flanked by his Foreign and
Finance mUnsters, to hear the
terms on which the Grand
Duchy will consent to remain
part of the 60-year-old
monetary partnership.

There is just a hint of a
penitential pilgrimage in the
top-ranking Belgian ministers’
trip to . Luxembourg, for no
one now denies that the
. Martens Government behaved
badly in informing Luxem-
bourg only hours in advance
of its February 21 devalua-
tion but there is also more
to today’s meeting than that.

The Belgian and Luxem-
bourg economies, for long so
closely in step, are now on
divergent courses. That
economic and monetary union
continues to suit both coun-
tries* .needs is probably not
in any serious doubt, bnt the

BY GILES MERRITT IN BRUSSHS

terms of the relationship are
now very much a matter for
renegotiation.

Its status as a dynamic “off-
shore ” Euromarkets centre
for international banks,
though checked slightly by
recession, Luxembourg’s pros-
perity is nevertheless enviable
in contrast with Belgium’s
sorry saga of runaway state
budget deficits and mounting
social unrest. Importing half
of all its requirements, at a
cost now approaching £5£bn a
year, Luxembourg views the
unmerited devaluation of its
currency with grove disquiet
— and with the Belgian franc
in recent weeks seemingly
being pushed towards a
further devaluation, that con-
cern is giving way to alarm.

The terms that Luxembourg
wishes the Belgian Govern-
ment to accept as the price
of retaining the monetary link
are straightforward. First,
Luxembourg is demanding a
formalised consultation
system that would not only
inform the Grand Duchy’s
government of Belgian plans
to seek a devaluation in the
European Monetary System

bnt would also give it A voice
that under certain circum-
stances could amount to
powers of veto.

The second demand is the
separate valuation of Luxem-
bourg’s gold and foreign
reserves, which are currently,
held on its behalf by the
Basque Nationale de 'Belgique.

The third requtrem.ent. that
Belgium give Luxembourg
exchange rate guarantees so
that its assets could then be
revalued in the event of a
fresh Belgian devaluation,
may also be difficult for
Belgium to meet,

Luxembourg’s size— smaller
than the coonfy of Wiltshire
— may make it seem akin to
the mouse that roared when
confronting Belgium and its
10m population. It also has
the problem of being the tax
haven chat roared, for its un-
registered Belgian accounts
are a continuing source of
friction.

Yet the Grand Duchy
retains formidable bargaining
counters in addition to its
threat over linking with ECU
and its suggestions that West
Germany’s Bundesbank would
prove a staunch ally for an
independent franc. Luxem-
bourg, with its over £200bn
in foreign bank deposits, has
been a major contributor to
the Belgimm - Luxembourg
Economic Union’s joint
balance of payments.

With Belgium’s own weak-
nesses ovettwhelmingly res-
ponsible for a payments deficit
that has gone from under
3 per cent of Gross Domestic
Product in 1979 to over 7 per
cent in IS 82 — and so ulti-
mately provoked today’s
Luxembourg talks — the
Grand Duchy Is now the
mouse that is cracking the
whip.

Uganda plan
for $ 600 m
investment

By Quentin Pcei, Africa Editor

| THE UGANDA Government has
unveiled a 5600m (£333m) two-
year investment plan, to be
l financed by international aid
donors, aimed at reviving the
country’s shattered agricultural
and industrial production.

. The programme, drawn up
with the assistance of the
Commonwealth Secretariat, was
outlined by President Milton.
Obote at the opening of Parlia-
ment in Kampala.

Its aim is to concentrate on
key priorities, with the revival
of smallholder agriculture-—
especially coffee growing — and
import substitution industries
at the top of the list. Some 80
projects are covered. The plan
will be presented to an inter-
national donors' meeting in
Paris on May 17 and 18, which
will be chaired by the World
Bank.

Almost 30 per cent of the
total spending has been allo-
cated to agriculture, a slightly
smaller proportion to industry
and tourism, and some 20 per
cent to transport and communi-
cations.

Apart from coffee, rehabilita-
tion of tea, cotton, sugar and
food * crop production are ail
given high priority, both
because they will help ease the
country's balance of payments
crisis, and provide higher rural
incomes.

The plan represents a more
realistic and modest version of
the 10-year development plan
produced by the Uganda Govern-
ment last year.

Industries identified as those
which can most swiftly be
i revived with a minimum input
, of foreign exchange are textiles,
steel, cement, breweries and
1 tobacco.

The plan also provides money
for financing joint state and
private operations — part of the
Obote Government’s stated
policy of selling off nationalised
industries 4o the private sector. ,

CHINA-SOVIET UNION RELATIONS

Russian bear faces a rebuff

THE CALL by President Leonid
Brezhnev ’for ‘an -end to two
decades of hostility, between the
Soviet Union 2 nd China
coincides almost exactly with
the anniversary this month of
the occasion when -armed con-
flict erupted between the two
countries.

This happened 13 years ago
on a small island in the Ussuri
River, some 125 miles east of
Harbin in Betionjiang province.

In the engagement, which
brought the two Communist
giants- to the brink of war.
Chinese forces ambushed and
inflicted heavy casualties on a
Soviet patroL Less than two
weeks later, Soviet troops in
battalion strength counter-
attacked, crushing the Chinese
garrison on the disputed island.

These days, relative calm has
settled over the Sino-Soviet
border, which stretches over
4,000 miles, from Manchuria in
China’s North East to Xinjiang
in the far West — a frontier
garrisoned' by tens of thousands
of Chinese and Russian troops,
who endure the bleakest pos-
sible living ■ ‘conditions in
defence of their countries.

•' According to . Sun Zhi Jinn,
a senior foreign ministry
official in Harbin, capital of
the “frontline” province of
Heilongjiang, both sides are
continuing to strengthen their
border defences at a time of
generally reduced tension.

In a sense, the heavily gar-
risoned border, particularly in
its eastern and western sectors,
symbolises the .gulf that still
exists between' Peking and
Moscow despite recent attempts
by the Kremlin to promote a
thaw in relations through the
proposed resumption of
boundary negotiations.

Diplomats in Peking tend to
discount the chances of success,
and indeed the sincerity, of the
latest Soviet attempts to secure
an early rapprochement with
China, simply because too
many obstacles stand in the

BY TONY WALKER IN PEKING

W 1,1 1 ~ 100 0 r 9 "

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way of better relations.

Apart from the long-standing
border dispute, fundamental
differences exist on issues rang-
ing from the Kremlin’s support
of the Vietnamese invasion of
Kampuchea to the continued
Soviet occupation of Afghani-
stan.

China recently seized on the
recent expulsion of Soviet offi-
cials from several South-East
Asian countries to press its
claim that the Soviet Union
and Vietnam arc engaged in a
strategic push in the region,
centred on the use by Russian
warships and reconaissance
aircraft of former U5. bases at
Cant Ranh Bay and Da Nang
in Vietnam.

The Chinese also made
capital out of the recent visit
to Hanoi by Marshal X. V.
Ogarkov. Chief of the General
Staff of the Soviet armed
forces, suggesting it is further
evidence of the Kremlin’s mili-
tary designs in the region,
which extend, according to
China, to taking control of
strategic sea lanes.

Diplomats in Peking note
that recent Soviet attempts to
entice China into a dialogue
have not been accompanied by
any indication that the Kremlin
is ’prepared to make conces-
sions on outstanding differ-
ences.

For example, when Moscow
last September proposed the
resumption of border talks. .
abandoned in 1973. there was
no suggestion in the Soviet
proposal that it was prepared

to consider sympathetically
Chinese claims to disputed
areas along the border.

Early in February. Moscow
renewed its call for border dis-
cussions, but again apparently
without indicating a willing-
ness to make concessions.

According to a Western
diplomat who has previously
served in Moscow' and who is
something of an authority on
the border dispute, there is
little chance of China agreeing

to a resumption of negotiations,
which wont through 15 fruit-
less sessions between 1904 and
1978, without a positive gesture
front the Soviet side.

It has not escaped the atten-
tion of "Western observers in
Peking that the Sonpt Union
chose a time when strains were
appearing in the Sino-U.S.
relationship over Taiwan lo
start pressing for belter rela-
tions with China.

The timing of the first Soviet
initiative on the re-opening of
border discussions was con-
sidered significant because it
immediately preceded talks on
arms control between Mr
Andrei Gromyko, the Soviet
Foreign Minister, and Mr
Alexander Haig, the U.S.
Secretary of State.

The Soviet Union, in the
opinion of some observers in
Peking, may have been intent
on signalling to Washington on
the eve of these important dis-
cussions that there was the
possibility of a rapprochement
with China.

The Soviet Union may also be

interested in further lessening
tension on its eastern flank,
given its problems elsewhere,
such as in Afghanistan.

Remarks made by Mr Nikolai
Tikhonov, the Soviet Premier,
in Moscow in February that the
Kremlin “would not be kept
from taking concrete steps’ 4
towards improving Sino-Soviet
relations are interpreted in
Peking in much the same way as
arc proposals for the resumption
of border negotiations. Mr
Tikhonov’s remarks arc seen
more or less as an exercise in
propaganda, aimed partly at the
Americans.

The Soviet Premier told
Japanese reporters in a series of
prepared answers to written
questions: “We proceeded and
proceed from the view that
there are no problems in Soviet-
Chinese relations that could not
be derided on the basis of
equality and in the spirit of
mutual understanding.

•* We are not going to keep
from concrete steps which would
meet vital aspirations and
interests of the Soviet and
Chinese peoples. But this process
must not be one-sided." Mr
Tikhonov gave no clue as to
what concrete steps the Soviet
Union may have in mind.

Previous Soviet initiatives
aimed at improving relations
with China m the years since
the Sino-Soviet split of the early
19tiOs have come lo nothing, and
diplomats say they cannot
discern any significant change in
circumstances that may have
improved the climate for a
rapprochement.

The Chinese, for their pari,
would probably not be all that
unhappy about the well-pub-
licised Soviet attempt to pro-
mote a thaw in relations if it
has the effect of reminding the
U.S. that China does Stave other
options, however remote the
possibility an exercise of those
options might be.

Lisbon coalition faces censure

BY DIANA SMITH IN USBON

PORTUGAL’S .centre-right
coalition Government is facing
its second censure motion in
less than a month, this time
from the Communist Party over
its handling of the general
strike of February 12. ~ j-

Tbe Batsesoao adrm'gistra-
tzon’s comfortable per&amen-
tiuy majority enabled itl to
defeat a censure motion moved
last month by the Socialist
Party.

The Communists have been
fostering waves of strikes since
last autumn and calling re-
peatedly for the. fall of the
Government Last month’s
general strike called by Com-
mundsMed unions, was a
failure, receiving only partial
support from blue-collar
workers and next to none from
whitecoHatf workers.

Controversy, has raged over
whether the events of February
12 — bomb threats, sabotage
and blocked roads, and the
arrest of three armed men in
Lisboa in. a car carrying radio
intercepting equipment, pamph-
lets and cassettes recorded with
revolutionary music and slogans
— added up to what Sr Angelo

Correia, the Interim- Minister,
called a . “ climate of insurrec-
tion.'*

The Communists responded
furiously to Sr Correia’s veiled
hint that they were responsible
for this situation.

.Meanwhile, disparate fringe
revolutionary groups appear to
have tried to use the backdrop
of the general strike to attempt
to regain a little of the time-
light

The Government is taking the
Communists’ censure motion
seriously, and turning up en
masse in Parliament for two
days while its actions are called
into question.

For some time the Com-
munists have called on. President
Antonio Ramaiho Eanes to use
bis power to dismiss the Gfiffern-
rnent and call an election. The
President, however, has drawn
no sign of being tempted to do
so.

He is understood to be loth
to intervene unless the Govern-
ment’s majority collapses or the
public turns so heatedly against
the Baisemo administration that
the stability of democracy is put
at risk.

The population is certainly
grumbling: the inflation rate
reached. 3 per cent in February,
the worst monthly rate in two
and a ttaif years, and the Portu-
guese are still not convinced
that the Government can handle
the troubled economy.

• The 1 Soviet, Polish send East
fiennaa embassies in .Portugal
have complied with the request
to reduce their diplomatic staff
by 3ft per cent The Portuguese
Government asked for this cut
last month as part of its strong
response to the imposition of
martial law in Poland.

Four Russian, tv^p Polish and
two East German diplomats, who
have not' been named, are be-
lieved either to have left or are
. about to do so.

The Portuguese Foreign
MSndstxy last month called for
the expulsion of the Soviet Press
attache, and a junior economic
attache, who left at once.
Lisbon diplomats were not a
tittle startled by the second
round of expulsions, unmatched
in any other country in the
North Atlantic Treaty Organisa-
tion.

Jaruzelskii visit a sign of
East Germany’s approval

BY LESLIE COUTT tN EAST BERLfrf

Poland after private trips were
virtually halted in autumn i960
. fallowing the rise of the Solid-
arity trade union. But a greater
number of Polish citizens might
be permitted to visit East Ger-
many as a symbol of what, is
seen in East Berlin as Polaiid!s
return to the fokL
The East Germans are giving
extensive credits to the Palish
economy in the form of machin-
ery and chemical exports for
which Warsaw can no longer
pay, as it has done in the past,
by exporting hard coal, sulphur,
machinery and' other products
to East Germany.

POLAND'S military leader.
General Wojciech Jarazelskvis
to visit East Germany this
month' in a continuing sign of
approval for the military regime
by Fdand's hard-line allies.

The last bilateral meeting
between President Erich Hon-
ecker, the East German leader
and party chief, and a Polish
leader was in 1980 with Mr
Edward Gierek, whom the East
Germans regarded . as having
far too warm relations' with
Western statesmen.

East Germany is not expected
to permit its citizens to re-enter

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More changes
at top of
Greek navy

Bjr Victor Walker in Athens

A SHAKE-UP at the top of the
Greek navy, promoting Admiral
Nicholas .Pappas to chief of the
navy general staff, has forced
the resignation of four admirals
senior to him.

Admiral Pappas won fame in
1973, when he led a naval
mutiny aimed. at toppling the
colonels' dictatorship. After the
bid failed; . he • sailed his
destroyer to . Italy and sought
political asylum. However, he
is known to be close to Dr
Andreas Papandreou’s Socialist
Party and his appointment
comes only two months after
the Government had carried out
an earlier shuffle in the navy.

Vice-Admiral Odysseu

Kapetos, who resigned as chief
of the navy general staff on
Monday, had complained about
political interference in the
navy and offered bis resignation
three times in the previous
month.

The Conservative opposition
is pressing, for an explanation
of what it considers to be poli-
tical interference in the naval
hierarchy. It is not yet known
how the rest of the navy feds
about the changes.

Norway petrol
prices down

Bjf FayG Jester in Oslo

NORWAY’S THREE largest oil
companies — Norcl, Esso - and
Shell— cut their petrol prices
(about 4ip per gallon) to
NKr 4.40 for premium grade.

Ms Astrid Gjertsen, the Con-
sumer Affairs Minister,. said the
reduction, the first since North
Sea oil prices dropped by 54
per barrel, was “overdue” and
that she expected further cuts
would follow. The Royal Auto-
mobile Club planned prices
.should have fallen by at least
13 ore a litre..

the "Lets Corporation

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Pmapmal Jphafla Mn^xr 300®- ^**^81

Financial Times Thursday March 25 1982

OVERSEAS NEWS

Armed forces seize power in Bangladesh coup

BY K. K. SHARMA IN NEW DELHI

IN A SWIFT, pre-dawn, appar-
ently bloodless coup, Lt-Gen
Hossain Mohammed Ershad,
Chief of the Army Staff, yester-
day ousted President Abdns
Sattar from power in Bangla-
desh, and appointed himself
martial law administrator.

'Hie military action in one
of the world’s poorest countries
ended a - three-year period of
civilian role reintroduced by
the late president Zia Ur
Rhaman, who was assassinated
last year. President Abdus
-Sattar. aged 75, was elected last
November.

Pressure for the coup had
been building up because of the
growing differences between
Mr Sattar and his strife-ridden
Bangladesh Nationalist Party,
and the army, which remains
. the dominant force in the
troubled country.

Bangladesh has witnessed the
rise and fall of four govern-
ments since its independence
in 1972. when Pakistan split
from it after losing the war
with India.

Reports from Dacca, the capi-
tal. suggested that the country
was tense but quiet, and the
armed forces were rallying be-

Gen Ershad, an army man’s man

BY KEVIN RAFFERTY IN HONG KONG

LT-Gen Hossein Mohammed
Ershad, (right) the man now
in control of Bangladeshi cul-
tivates an affable image, very
mnrii an army man's

His official bungalow in the
military c&ntoment in Dacca
is littered with army trinkets,
such as plaques and pennants
commemorating visits to
regiments at home and
abroad.

He was trained in the
Pakistan army and spent the
whole of the liberation
struggle — in 1971 when .
Bangladesh -was fighting for
its freedom from Pakistan —
within Pakistan.

Gen Ers bad’s accession to
power means that none of the
top clique of rulers fought
for Bangladesh.

He returned from Pakistan
as an infantry lieutenant-
colonel when the new country
was going through a difficult

period and came to the centre
of the stage after a series of
coups that catapulted Gen
Zia-nr Rahman info the job
as strong man and- to y
president

One rank of ambitions free-
dom fighters bad removed
themselves in the in-fighting,
and Gen Zia chose Gen
Ershad first as bis deputy,
then as hns successor and

army chief.

In many -ways, he was a
compromise choice. Zia
wanted a relief from head-
strong and squabbling brother
freedom fighters.

Presented with a choice
between two ambitious young
generals who had fought
alongside him, Zia opted for
the steady, apparently un-
assuming, Gen

When further quarrels
erupted last year, the remain-

ing freedom fighters removed
all bat one of their seniors
and farther consolidated the
position of Gen Ershad.

In the aftermath of the
murder of President Zia,
many ttawgiaflesTiis expected
Gen Ershad to step in* but he
allowed the constitutional
process to take its course and
Mr sattar to go to a sweeping
victory.

Shortly before Mr Sattaris
election vietory last November
Gen, Ershad said: “lam not a
fooL I could have been presi-
dent at any time. But '
Bangladeshis are very politi-
cal people. They can only be
kept under control by political
means and not under military
rule.”

Even if Gen Ershad can put
together a government that is
dean, efficient and wise, he
will not have the formula to

Lt-General H. M. Ershad

put Bangladesh on its feet
again.

It would take years of dean,
efficient and wise government,
and ‘ a complicated country
like Bangladesh Is not as easy
to order as as army.

On top of this, Gen Ershad
has yet to find out how much-
time the Volatile BanglaHwHit
will allow him.

B tinned in -power.

The political divisions

worsened the deep economic
problems of Bangladesh which
I is going through a- severe food
and foreign exchange crisis,
forcing it to' seek aid from

abroad. India, has recently , urj

diverted ships bringing wheat BY OUR TS.AY1Y CORKESPONDOIT

from Australia, to Basgia MORE Arabs were- shot, counted, and the Knesset gave

The International Monetary dead by Israelis on the Pales- a first reading to the measure.
Fund last year suspended dis- thriaxt West Bank yesterday; the But the Government was
bursements of a loan raider the flays of bloodied ance forced to cancel plans to com,

extended fimnwittg facSity, latest round of anti-Israeli p iet e its passage through Par-
claiming tint toe economy had ™rest erupted last week. ' liament yesterday ' after coaii.
been, -mismanaged and that pay- The casualties, doubling foe tion members calculated it
meets had not been resumed, previous death toll, came as faced probable defeat in the

A consortium tf Western Prime Minister Menahem later stages. Largely because

countries and tike World n*™* Begia's vulnerable coalition of Cabinet squabbles, the Gov.
was due to meet in Paris next fended off another challenge eminent has been unable to
to consider Bangladesh’s from the Parliamentary Opposi- present Its 1982-83 budget and
request for more aid boric is two and amid signs of growing the interim budget is to ensure
possible that tire meeting- win edginess over next month’s it does not run out of funds in
• now be postponed. Bangladesh, return uf Sinai to Egypt. the meantime,

was thought to be planning to One of the Arab men was Egypt meanwhile urged
ask the eoosantkun for aid killed near Hebron and Pales- Israel to show restraint on the

commitments worth $2.3bn tmians an the area claimed he West Bank to improve the

{£l_2bn). was hit by a bullet fired by a chances for a successful con-

The internal crisis is thought Jewish settler. A military elusion to the talks on Pales-
. by observers in New Delhi to spokesman said Che army was tinian autonomy,
have contributed to the worsen- checking to ascertain whether p r Osama el-Baz, the head of
teg relations with India, an Israeli soldier «r civilian, had president Hosni Mubarak’s
Unresolved fissues such as the fired the shot. political office, said yesterday:

sharing of the- Ganges wj&ers B® other death was in the **We do not want to see the

teg relations with India, an Israeli soidie
Unresolved fissues such as the fired the shot,
sharing of the Ganges wsdets The other dt

hind Gen. Ershad, who named
the naval and air chiefs. Hear- welcomed the coup in tones civilian President would • be

President

had played by the army during the have heightened tensions.

Admiral Mahabub All _Khm tixa.t observers in New Delhi nominated .and an advisory- announced soon after his elec- war over Bangladesh in 1971. The Indfcwt Government is border policeman with a knife ^ the tensions lessen rather
and Air Vice-Marshal sultan said indicated he trad been council set up. rkm last November that the It was widely frit that Mr : watching developments in and was t hen soot dead. escalate.”

Mohammed, as deputy chief forced to lend bis support to He also announced 1 he sus- army bad perforate dits role Sattar bad failed to tackle the Bangladesh. <Snsriy. and has A third Arab was kilted when He added that Egypt and

martial law administrators. A the takeover. pension of the constitution and and that it should retire to the country’s enormous problems alerted the ; border security a priro! bomb he was prepar- were dose to resolving

night curfew has been imposed. Has broadcast ■ was followed declared the National Assembly barracks. and that eve ua recent Cabinet force in toe states of Tripura, tag: exploded in a hut in {heir differences over the inter-

Dacca Airport was open but tele- by another by Gen Ershad, dissolved. This -was greatly resented by reshuffle -did not remove the West Bengal and Assam, adjoin- Abasan village, near Rafah. national- border to be observed

co mmu nications were cut. who defended the takeover on Despite promises of constitn- the. generals who insisted oil widespread, dissatisfaction over- ing Bangladesh- hot there is no There were scattered <Hstar- isfaei withdraws from the

The former President the groun ds that corruption tnonal revisions, Bangladesh recognition of their position as the performance of the politi- intention to intervene in what bances in several other areas. portion' of Sinai on April 25.

appeared safe and, in an emo- was rampant in Bangladesh, seems set for a lung period, of founders of the country — an cians. sine evirtualiy the same is considered an internal sod oq fe e Gaza Strip, whe re j) r ej Btesaid remaining prob-

tional five-minute broadcast, and promised that a new army rule again. obvious reference to the role people in Mr Sa tier's party con- matter. tire army put a brief curfew i ems could be settled in the

hundreds of youths pelted an next few days .

: : : firaeli pafrol with stonw. Mr Begin told j QurnaUsts

Weak gold price forces up taxes in South African budget a^sgafeg S&rafisrs3

O MT MT o council appears to be petering be needed within a year to break

BY BStKARD SIMON IN CAPE TOWN MSS-tUft ft

THE WEAK gold price has around 14 per cent source in a full year would contain the Government’s bor- The gold mines are expected the unexpectedly small borrow-

sharing of tire- Ganges waters The other death was in the “We do not want to see the

and the rojgfaliuu. of people norther town of Jineen. situation' there deteriorate. We

into bordering Indian states According to the spokesman, believe that there will be a

have heightened tensions. ®u Arab attacked an Israeli better chance for negotiations

Mohammed, as deputy chief forced to lend ftis support to He
martial law administrators. A fog takeover. pension 0

night curfew has been imposed. Has broadcast ■ was followed de clar ed 1
Dacca Airport was open but tele- by another by Gen Ershad, dissolved,
communications were cut. who defended live takeover on Desnite

Weak gold price forces up taxes in South African budget

BY BERNARD SIMON IN CAPE TOWN onTuesday^ightOfSending

THE WEAK gold price has around 14 per cent source in a full year would contain the Government’s bor- The gold mines are expected the unexpectedly small borrow- re^ivwP^nJy* support

forced South Africa’s Finance Defence spending, one of the partly be used for Govern- rowing requirement to R2.4bn to yield only R90Qm in tax ing requirement is likely to yesterday

Minister, Mr Owen Horwood, to fastest growing items in South ment assistance to marginal in the coming fiscal years, only payments in the coming fiscal ease recent pressures on * Wr Balm’s fottiov in thn

received only patchy support majority since fating power
yesterday. ^ last July.

Mr Begm ’s battles in the His problems have been com-

bi less than two months.

to R2.7bn (£1.4bn). The black # Higher sales taxes on luxury R250m of the deficit to be the height of 'the gold price

In what he described as a. education vote is budgeted to items, such as photographic raised from foreign . loans,
“ strict and conservative " increase^ by 28 per cent. equipment and jewellery.. against R500m in 1981-82.

boom in 1980-81-

raies 10 record aeveis. tied 58-58 and Mr Begin talked Haim Druckman, who are

Mr Horwood said that further of resigning — an idea quickly making a last-minute effort to
tax increases migbt prove to scotched by his Cabinet col- stop Sinai being handed hack to

budget. Mr Horwood yesterday Tax increases proposed
announced steps to shift -the Horwood include:
burden of cooling the South • A rise in the effective

luiyiiwoE auu jcwoiuy. — **- *»v. w- * The budget does not disclose be more contractionary than I lop g n re. Eevst ' ' Although the no ran-

The proportion o[ long-term » „Han™od said ttat the gold priK on^hich the,, HMg-BWWW -Yoientay tl* irtoor Oppo- fiS« motion was mainly'

trie proportion of long-term „ «un ui«c necessary - at trns stage. «it Yesterday the labour Oppo- fidence motion was mainly

insurance companies’ invest- Governments highest economic estimates are based, but an he indicated that tax rates sition charged the Government related to the West Bank un-

ment income used to measure priorities were, firstly, to keep economist at. a leading bank would be reviewed if the gold and the Speaker of the House, rest it- was the votes of the

taxable income is to rise from “the deficit before borrowing said that Mr Horwood appeared price continues to weaken, Mr Menahem .Sevidor, of on- rabbi and other anti^withdrawal

burden -of cooling the South • A rise in the effective rate ment income used to measure priorities were, firstly, to keep economist at a leading bank

African economy and easing the of company tax from 42 per cent taxable income is to rise from “the deficit before borrowing said that Mr Horwood appeared

country's balance of payments to 46.2 per cent Tax payments 30 per cent to 40 per cent to a minimum, in order to to have assumed an average

problems from monetary to will include a basic rate of Mr Horwood announced a 10 Place as little pressure as price just below S30O an ounce

fiscal policy. 42 per cent and a 10 per cent per cent surcharge and an in- possible on interest rates,” and -at the current exchange. rate of

The 11.5 per cent increase in surcharge. crease in general sales tax from secondly, to hold down Govern- 96 U.S. cents to one rand.

Government spending budgeted • An increase from 5 per cent 4 per cent to 5 per cent in a ment spending, “ both because The economist described the

xaoie income is to nse from uem;u ueiu.t: -uurruwwg muu uim nuiwwu pnee continues to weaxen, Mr Menahem .Sevidor, of on- r&bi and other anti^withdrawal

I per cent to 40 per cent to a m ini mu m, in order to to have assumed an average resulting in further pressures democratic- practices when a camnalgners which produced the

Mr Horwood announced a 10 place as little pressure as price just below 8300 an ounce on the balance of payments. - debate xm an interim budget, tie.

- 1 % - <nnpr4Mfw nn ** A . it ArtT w nvit t\ c rrv r\f % ^ “

earnings, accounting was cut short

newspaper Yediot

1 ‘-■ s - 06055 t0 one rand. for almost half of total exports. Labour members, who had Aharonot yesterday quoted

, X o, ■— - - , - . - , The economist described the fell to R8Bbn last year from been attempting a filibuster, Labour politician Yitzhak -

£nr4ne fiml year to Mndi SL to 15 per cent in the surcharge hurried “mini-budget” on of the huge drop in gold budget as “ excellent” pro- BlO.lbn in 1980. The value of shouted and walked round the Rabin as saying: “If I were •

is the smallest nse in on taxes of gold and dia mo nd February 11. ’ mining revenues and the im- vided Mr Horwood is able to non-gold exports declined by chamber t r y in g physically to Menahem Begin, I would call 1

several years and well below mines. Mir Horwood said that Curbs on Government spend- perative need to counter infla- hold Government spending at 3 per cent in 1981. while im- obstruct a vote. In -the Md, new elections, resign and delay 1

the current inflation rate of toe R115m realised from, this ing and the tax increases wfll tion.” budgeted levels,’ He said that ports surged by 28 per cent . . onfr two Opposition votes were the withdrawal. i

AMERICAN NEWS

Guatemala
ruled
by decree

BY OUR FOREIGN STAFF

GUATEMALA'S new military
junta suspended the constitu-
tion yesterday and said it would
govern the country by decree.

An announcement on the state
radio said the junta,' which
seized power on Tuesday, would
soon announce a “Statute of
Government” until a new con-
stitution could be drafted.

A few hours after ousting
General Romeo Lucas Garda’s
right-wing regime in a blood-
less takeover, toe three-man
junta dissolved the nation's
Congress of 61 members.

In a statement, the army
called on Guatemalans “ to
co-operate to return all the
country’s activities to normal . . .
for the good of everyone.

“We reaffirm our conviction
that for Guatemalan citizens,
toe most important thing is
peace and the development of
our fatherland, which can only
be accomplished through com-
mon effort with the participa-
tion of all sectors of society.”
the statement said.

No dtsurbances were reported
yesterday in the capital or other
cities.

Thre was no immediate
reaction to the coup from the
four left-wing guerrilla groups,
which have been fighting to
overthrow Gen F. Lucas
Garcia's regime.

During a television appear-
ance on Tuesday night, Gen
Efrain Rios Montt, bead of the
new junta, said it would
guarantee freedom of expres-
sion, freedom of travel and
dom to rally.

Before the coup Gen Rios
Mcntt had no specific assign-
ment, Gen Horado Maldonado
Sell a ad, 54. the second junto
member, was commander of the
Honour Guard Regiment, one of
three based in the capital. The
third junta member. Col
Frmcisco Luis GonUDo
Martinez, 46. was commander
of the army’s general head-
qu2W-

The junta and other m ilit ar y
leaders met in the presidential
palace yesterday to complete a
Cabint and work out a “plan
of government ” involving
social and economic reforms.

• Mexico's President. Sr Jose
Lopez Portillo yesterday
deplored the coup. He said he
deeply regretted “this inter-
ruption of an already fragile
democratic process.” The coup
could only add to existing ten-
sion.

U S. likely Senate blow to
to endorse mx missiles

junta BY iANATOLE KALETSKY IN WASHINGTON

>%;1

. *, 1 ■

T.

■•vj

e- j i

- - 1

■ .*

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-

Members of .Guatemala’s military junta, with Gezu Efrain Rios Monti, le a d **’ .(centre),

The coup’s contradictions

BY HUGH O’SHAUGHNESSY, LATIN AMERICA CORRESPONDENT

THE BLOODLESS army coup
in Guatemala, Central
America's most populous,
richest and violent republic,
contains a fair element of
internal contradiction.

The middle-ranking officers
who staged it claim they were
trying to put an end to an elec-
toral fraud. This was widely
agreed to have . occurred on
March 8 when General Angel
Anfbal Guevara, a former
Defence Minister, claimed vic-
tory in toe General Election
and prepared to take over, in
July, a four-year presidency
fr o m the incumbent, Gen
Romeo Lucas Garcia.

The officers, significantly,
have installed as their Presi-
dent Gen F.flraim Rios MontL
A retired army officer who ran
for toe presidency in 1974 on
the Christian Democratic
ticket be was seen to have been
robbed of legitimate victory by
the country’s pervasive elec-
toral double-dealing.

As a Christian Democrat
Gen Rios Mbntt is some thin? of
a left-winger in toe ' ultra-
conservative spectrum of
Gua temalan establishment

policy, and would be seen by
many conservatives as being a
little too accommodating
towards the left-wing insur-
gency which is increasingly
racking the country.

Contradictorily, however,
the other main figure in Tues-
day’s coup is a right-wing
extremist Sr Leonel Sisnfega
was the vice-presidential candi-
date of the ultra-right move-
ment of National liberation
(MIN) in this month’s elec-
tions, and Is one of that group
of politicians who want war to
toe death with toe Left in
Guatemala — and even war to
toe death with toe moderate
liberals.

The MIN regards the Write
House, the U.S. State Depart-
ment and the Pentagon in
Washington as peopled by dan-
gerous liberals all too ready to
bend to the whims of inter-
national Communism.

There is little doubt that toe
emezgece of Gen Rios Mbntt
will be generally welcomed by
tiie Reagan Administration,
Which may have helped, or at
least acquiesced in. Tuesday's
operation.

Sr Sisniega is unlikely to be
welcomed. He is not expected
to be a respecter of . human
rights, on which Guatemala
already has an appalling record-
Any further worsening of the
human rights position will be
bad for a State Department
which is already struggling
.with a US. public opinion that
is becoming increasingly restive
about toe Administration's co-
operation with brutal. Right-
wing governments in Central
America. " . '

Washington has uue big card
to play, however.-. Although

to play, however. Although
Israel is a supplier of much
small arms to toe Guatemalan

Government toe US., controls
the supply of toe more sophisti-
cated military equipment toast
the government needs if it is
ever to dominate toe increasing
threat from Left-wing guerrillas.

Washington will be making
It plain to Gen Rios Montt and
Sr Sisniega that Urey can count
on little military help if they
allow toe army to continue its
present practice of virtually
indiscriminate k&ing of those
it suspects to be Left-wingers
or Liberals.

By Anatote Kaletsky In . .

Washington

THE REAGAN Administration
may soon endorse the new junta
in Guatemala and seek Coagres-
• sional peprission to resume
military aid. This has been cut
off since 1977 because of human
rights abuses by the ousted
regime of General Romeo Lucas
Garcia.

- Despite initial indications
that the coup was organised by
a military faction even more
extreme in its opposition to
. ‘'Communist insurgency” . than
the Lucas Garcia Government,
the State Department is pri-
vately expressing satisfaction 1
that toe new junta is headed by 1
Gen Efrain Rios Montt a rela-
tively moderate' • Christian
Democrat

Independent observers in
Washington believe that Gen
Rios Mbntt may be only a
figurehead, drafted in to give
the junta respectability at the
last moment He was not
involved in the Initial stages of
the coup and only emerged as
a ‘leader, after negotiations

Tit an interview on TT.S. tele-
vision last week-end, Sr Sisniega
called for “organised violence ”
to extirpate Gomnumist insurg-
ency in Guatemala.

While publicly saying that
they ere still studying the situa-
tion, State .Department officials
privately point to toe fact that
Gen Rios Montt has promised
' to emb political violence from
both Left and Right and to set
the country on toe road to
“atrtheivtic democracy/’

There seem to be dose
parallels between toe new situa-
tion in Guatemala and that in
El Salvador in 1979, what an
army coup established a govern-
ment of national unity led by
Sr Jose Napoleon Duarte; a
former Christian Democrat
presidential candidate.

A KEY Senate sob-committee
has voted unanimously to halve
President Ronald Reagan’s pro-
posed spending on the MX
strategic nuclear missile pro-
gramme.

This vote, which took place
iu a closed session of the
Repubtican-dominated Senate
Aimed Services subcommittee
late on Tuesday afternoon, is
the biggest blow yet delivered
by Congress both to the Presi-
dent’s rearmament programme
and to his budget proposals for
.1983.'

The sub - committee's
unanimous opposition to Presi-
dent Reagan’s $43bn spending
request results from the
Pentagon’s inability to decide
on a method of deploying the
nxbssles which woold.znake them
proof against a nuclear first
strike from the Soviet Union.

Former President Jimmy
Carter's plan to rotate 200 BIX
missiles between 4.600 cement
silos in Nevada and Utah was
dismissed by President Reagan,
partly because of its expense.

President Reagan, promised
to look at alternative possi-
bilities for basing the missiles,
but meanwhile wants to put
them in existing - lEnateman
missile- silos, specially har-

dened to resist attack.

Indepsident reports have
concluded that this deployment
system wocM be no less vulner-
able to nuclear attack than the
present system.

Iu addition,' there has been
mounting opposition in the
Western states chosen for siting
the missiles, a 5 public anxiety
about the possibility of a Soviet
unclear strike has emerged.

A possible alternative to the
siting of MX missiles on land
was suggested by a Pentagon
paper released this week. This
states that the miss iles could
be carried by a apeciaf fleet of
long-endurance aircraft which
■would continuously patrol

The Senate sub-committee 1
voted to stop funds for the
manuf acture .of . toe first nine
MX missiles and for research
into strengthening of the exist-
ing Hmuteman silos, saving
about SZMbn, until President
Reagan can come up with a
satisfactory siting plan.

The action was described by
the- Sub-Committee’s eTiatTman
Senator John Warner, a con-
servative Republican, as "a
bipartisan effort to redirect and
strengthen toe President’s stra-
tegic programme.”

Washington ready to talk
with Nicaragua and Cuba

BY OUR MEXICO CORRBPOfOENT

The main political parties

The major political parties in
Guatemala are:

MIN (National ' liberation
Movement), headed by Sr Mario
Sandoval Alarcon, a former vice-
president and officially runner-
up in the recent election with
25 per cent of the vote. The
party is extreme right-wing, and
describes itserif as toe “party
of organised violence”;

Christian Democrat party.

which is right-of-centre and
fought the recent election in
alliance with the National Re-
novation Party. Its candidate.
Sr Alejandro Maldonado
Aguirre, former education min-
ister, was officially credited
-with 21 per cent of the vote,
but he claimed 36 per cent He
was the only moderate candi-
date to stand, and after the
election was in a brief and un-

likely alliance with the HLN
in a bid to get results annulled.

CAN (Authentic National
Centre). Its candidate, Sr
Gustavo Anzneta, was given 9
per cent of votes in the elec-
tion. It is extreme right-wing

Popular Democratic Frost
was a vehicle for the official
military nominee, Gen Anibal
Guevara, to s ucceed Gen Romeo
Garcia Lucas.

fi. Gall of MbtIoo

COSTA RCA^y 1

PACIFIC OCEAK

WASHINGTON is ready for
talks with toe Governments of
Nicaragua and Cuba, in an
effort to -bring peace So the
central American region, Sr
Jorge Castaneda. Mexican
Foreign Secretary said yestear-
day-

Sr Castaneda was speaking oq
his return from, visits to
Washington, where he met Mr
Alexander Haig, U& Secretary
of State; in Havana* where he
had talks with President Fidel
Castro: and Managua, where be
met leaders of toe Smdinista
•regime!.

The U.S.-Nicaragaa talks
would take place " very soon ”
in Mexico. Sr Castaneda added.
The aim was to analyse “all
the oatstanding problems ”
between the two sides.

He knew neither when,
where of bow toe U.SL-Cuhan
meeting would take place. Bui
he felt sure trie rwt> sides were
M ready lo enter bilateral nego-
tiations."

The Mexican Foreign Secre-
tary engineered a> meeting in
November between Mr Haig
and Sr Carte* Rafael Rodriguez
Cuba’s vac&ijresident — the
fcjghesHereL contact between
the two Governments in several
years.

In launching his peace initi-
ative recently, President Jose
Lopez Portillo of Mexico said
he hoped the two sides could
build -on that contact and turn I
It into negotiations.

Mexican officiate believe a
relaxation of U.S.-Cuban ten-
sions is the roost -important
single goal of the peace
initiative.

Sr Castaneda showed some
optimism on toe possibility of
negotiations- in El Salvador
Washington was not " right
now ” going to put pressure on
the ruling junta to talk to ttio
refael5. but “itfs possible font
cwwd change after ^
elections. 1 ’

Treasury
up against
limit

By David Lascdles in New York
THE U.S. Treasury’s massive
borrowings have pushed R up
against its legal borrowing
limit for long-term bonds and
forced it to cancel a 20-year
issue that should have been
made tins month. This brought
a measure of relief to the
Government securities on Wall
Street yesterday, but few people
are happy about it.

The Treasury is not allowed
by law to issue more than S70bn
in bonds with coupons of more
than 4i per cent As it has
already sold $69bn-worto and
current coupons are about 15.50
per cent, it needs congressional
authority to sell more. But
Congress has deliberately
stalled os part of its effort to
rein In Government borrowing.

The cancellation of the 20-
year issue was bullish for the
bond market But the prevail-
ing view on Wall Street is that
the retreat of the Treasury
from be long market could be
harmful over the long run. Not
only would it reduce the
markets liquidity; people also
fear it would only shift toe
borrowing burden to toe short
end of the market.

Mr David Bunting, a manag-
ing director of First Boston, a

leading tinder of Government
securities, told Congress yester-
day that toe withdrawal of the
Treasuay from the long market
would also harm corporate
borrowers whose financing
costs are usually calculat ed by
reference to the Treasury's.

Thrift industry
move opposed

By Our New York Staff

THE Administration yesterday
opposed moves in Congress to
draft emergency legislation to
ball out toe har&fffessed thrift
industry, daiming that regula-
tors already have enough
powers.

Mr Roger Mehle. assistant
Treasury Secretary, toM the
House of Representatives bank-
ing committee that where basic-
ally viable thrifts were facing
fpniporaiy problems, “we be*
Ueve that federal agencies have
the authority and means to
fumish assistance under cite’
rent law.”

Mr Meitie sought to diape*
worries that same torifte'eari®
fail and leave people perddfe^ 3 -
The industry had gu ffio e n t cash
flow, he said, •’

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WORLD TRADE NEWS

Nigeria likely to compile priority imports list

BY PAUL CHEESERIGHT AND

THE NIGERIAN .Government is
expected to draw up a list of
priority imports and restricted
items following iis drastic
actio^. on .Tuesday to stop com-
mercial banks issuing any fur-
ther letters of credit and foreign
exchange application forms.

The immediate prospects -for
£XQQm a month of British
exports' therefore depends on
the- speed of the Nigerian
authorities in compiling the
list

The Central Bank of Nigeria
has given commercial banks at
Lagos a week to prepare stales
merrts of their outstanding busi-
ness on letters of credit, bills
of. collection and foreign
exchange applications through
the processing of what is known
as Form M.

This information is required
to enable the bank to indulge in
a stocktaking exercise of

QUENTIN PEEL

. foreign exchange commitments,
leading to a more general
appraisal of import needs.

The Central Bank has asked
commercial banks for t details
of foreign exchange commit-
ments defined by goods— food,
raw materials, plant, spare
parts, vehicles — and by the due
delivery date to the country:
whether anticipated shipment
will be within three, six or 12
months.

According to top government
officials, the aim of the recent
budget yet to be approved, was
to cut imports back from some
SlBbn (£lbn) to $1.2bn a
month.

Exporters were yesterday
attempting to assess the full
effects of the action by the goy=
eminent of President Shehtr
Shagari. taken in responce to
a soaring trade deficit — esti-
mated at some $6Q0m a month

— because of the slump in the
country’s oil sales.

The most drastic effect is
likely to stem from the sus-
pension of processing' of Form
M applications — for foreign ex-
change remittances— by the
Central Bank.

Although traders are co nfl-~
dent- the action will be only
temporary— intended not only
to allow the Bank to assess its
commitments, but also to give
a ' shdrt, sharp shock .to import-
ers — they are doubtful that the
commercial banks will be able
to produce the necessary figures
within a week.

British exporters and officials
thus expect there wiU be a hie-’ ■
cough in their Nigerian trad-
ing, followed by more specific
restrictions.

Continued and immediate
purchases by the Nigerian Gov-

ernment are not ruled out. It
was assumed in London that
the Government would have left
itself sropc to purchase essen-
tial imports such as food and
medical supplies.

The UK holds about 20 per
cent of the Nigerian import
market with sales last year of
an -estimated £1.5bn, mainly
covering machinery, transport
equipment, manufactured goods
and food. About 80 per cent of
the sales are made on terms of
short-term credit, and arc the
most vulnerable to changes in
Nigerian import policy.

Companies with trading in-
terests, in Nigeria are expect-
ing general merchandise to be
placed under greater restric-
tions, but for industrial spare
parts and raw materials to flow-
more freely.- They believe that
small exporters could be badly
effected by the sudden action.

Shehu Shagari: drastic action

Moscow to restrict capacity on some shipping routes

BY ANDREW FISHER. SHIPPING CORRESPONDENT

THE .SOVIET Union has
agreed to restrain its shipping
activities on rontes where it
has been seriously undercut-
ting 'Western shipowners,
-according to diplomats who
attended a recent meeting in
Moscow.

. The problem -of subsidised
competition from the Soviet
.fleet Is one that has been
worrying other shipping coun-
-t rie s- fo r -some trme and the-
EEC has been monitoring -its -

activities.

'According to the diplomats,
quoting news agency reports
from Moscow, Western ship-
ping companies won important
concessions from the Soviet
Union, which could ease the
. impact of the prolonged
freight contest.

Soviet marine officials and
representatives of five Euro-
pean governments and ship-
ping companies - - discussed -
clairas that Western lines were-

being undercut by means of
Soviet subsidies. -
“For the first time.” one
diplomat said, “ Moscow
agreed to' limit its involve-
ment on routes where it was
pushing Western firms out of
business.” The countries tak-
ing part In the talks' were
West ' Germany, the ’ UK,
Trance, the Netherlands and
Belgium.

The -Soviet press- did- not

-publicise the talks, and- some

Western countries and com-
panies said the real effect of
lhe. meeting would still' have
to be' awaited.

Moscow's agreement to. hold
bach' oh the routes, added the
diplomat, “was in effect an
admission that they had in-
dulged in unfair competition,
though unfortunately they still
deny oqr charges of dumping
and won’t increase- prices.”

The Soviet Union agreed to
- reduce -its -shipments of coffee

on the Central America-West
Europe route by 30 per' cent
and to limit cotton shipments
on the same run to a fifth of
the market. Cargoes from
• Western Europe to Africa-
wonld also drop by a tenth.

Mr Igor Averin, head of the
international department of
the Soviet Maritime Ministry,
was quoted as denying that
Moscow had made any implicit
admission of damping. . .

Video disc
system wifi
be delayed

By Charles Smith, far Ease
Editor, in Tokyo

VICTOR COMPANY of Japan
(JVC) has decided to postpone
further the launching of its
VHD video disc system.

The system was originally
scheduled fur release In
October 1981, but was then put
forward to April this year for
technical reasons.

The latest postponement has
been decided upon primarily
because of weak demand in the
Japanese domestic market for
electronic equipment generally
and for video disc equipment

in particular.

JVC hopes to announce a
new launch date as soon as
possible, but has not indicated
when this might be.

JVC's VHD system, which
was first announced in 1978. is
the third entry in . a market
which includes systems deve-
loped by RCA and Philips.

Video-disc players using Ihe
Philips system are being manu-
facturerl in Japan by Pioneer,
but sales have -been running at
barely more than half the
levels originally expected.

The market for video disc
equipment may * also have
suffered from the fact that
potential purchasers already
own video tape recorder (VTR)
machines. VTR costs more
than video, disc equipment, but
has the advantage that it can
be used to record material from
television. Video disc players
can use only pre-recorded
material.

Financial Times Thursday March 25 1DS2

Doubts over Gatt

right to intervene
in Japan dispute

BY BftlJ KHINOAMA IN GENEVA

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corporate travd office or Braniff at 0L491-463L

the EUROPEAN Community's
decision to complain about
Japan to the General Agree-
ment on Tariffs and Trade is
being viewed with puzzlement
by trade officials in Geneva.

There are doubts that the dis-
pute settlement procedure * as
laid down in Gntfs Article 23
{ can be used for problems aris-
ing from a Gatt member's
reluctance to import more
foreign-made goods.

An EEC diplomat said- the
complaint would break new
ground and would force Japan
to recognise the damaging
effects on other Gatt members
of its persistent export succes-
ses and trade surpluses,

Article 23 allows any Gatt
signatory to complain about
trade-related issues if it feds
its rights under Gatt are being
impaired by the actions of an-
other member.

The doubts about Gatt’s
ability to intervene in the
Community's running argu-
ments with Japan arise because'
Japan's success stems riot from
any specific trade policy but
from a bost of monetary, fiscal,

, economic and jtrade policies.
These include such subjective
elements as the. reluctance of
Japanese businessmen to buy
‘foreign goods.

An EEC claim that. its trade
.deficits with Japan "result from '
Japanese attitudes and policies -
that reduce the benefits of Gatt
membership- can easily be
countered by Japanese com-

"laints about the negative
effects nf Community subsidies
in agriculture and industrial
sectors such as steel.

The purpose of using the
Article 23 procedure is to force
the offending party lo change
its policies nr face rhi» moral
disapproval of its fellow fail
members. Gati does not have
the authority to impose
sanctions.

The Community's own record
nf respect for ruling* by
arbitration panels in the past
is flawed and it is unlikely to
receive much .sympathy if Japan
ignores rulings favouring the
Community.

A ease in point is the Com-
munity's apparent unwilling-
ness lo alter . its system or
sugar export subsidies in spite
nf a Gnu council arbitration
panel ruling that the interests
of other members, including
Australia and Brazil, are
harmed.

• Japan win nyess Its own
trade complaints against Euro-
pean. countries in a procedure
initiated by the EEC at the
Gatt. a Japanese official is
Brussels said on Tuesday.

He said Japan would pres?
complaints about a total of 57
EEC import restrictions, many
of which are applied only
against Japanese goads, "which
is dearly discriminatory." •

In contrast, he said. Japan
imposed only 27 import curbs,
and they were globally applied-

Biffen call on exports

BY OUR WORLD TRADE EDITOR

THE HIGH LEVEL of Britain’s
current account surpluses
during the peak years of North
Sea oil production could be
used to finance significantly
higher levels of overseas capital
investment, Mr John Biffen, the
Trade Secretary, said in
London yesterday.'

His remark was made in the
context of the diversity of the
UK's overseas markets at -a time
of recession in Western Europe,
which accounts for about 60 per '
cent of British exports.

It was interpreted as a warn-
ing that the UK should not

become trapped in the Euro-
pean commercial connection,
and in this respect represents
a slight step back from the
Government's habitual emphasis
on the importance of the Euro-
pean markets.

Mr Biffen was speaking at a
conference on India, organised
by the British and South Asian
Trade Association. What he
called “ national trading circum-
stances” could now favour an
extension of UK investment in
India, especially now that ex-
change controls have been
lifted.

Norway buys helicopters

■ BY *UCHA£L DOWNe^ AEROSPACE U CORRESPONDENT .

HELEKOPTEK SERVICES . A/S.
of Norway, is to spend 8115m
(£64m) on new helicopters.

The helicopters wifi include
two Boeing 234 44-sea ters, with
an option on a third, and 10
French Aerospatiale Super
Pumas, with options on another
eight Pumas.

The Boeing deal is worth
840m and the Super Pumas
875m. ■ • The orders follow an

extensive study of helicopters on
North Sea operations on behalf
of the Norwegian state-owned oil
company, Statoil, Elf Aquitaine
Norge and Phillips Petroleum
Company Norway.

The 44-seat twin-engined,
tandem-rotor Boeing 234s will be
used to carry men and supplies
between Stavanger and the Eko-
fisk field in the North Sea.

PEKING TRADE THAW

China bid to attract
foreign investment

BY TONY WALKER tN PQONG '

.THE ICY .winds that have
chilled China’s ' trade relations
with the West for 18 mouths are
turning into warm breezes with
a Chinese drive to attract
foreign investment

The strongest signal yet that
the , CblneSe have found their
feet realigning their economic
priorities comes with a govern-
ment plan to attract some '81 bn
(£555m) m foreign capital.
Focal point of the plan is a
package of 130 projects ear-
marked as suitable for foreign
Investment.

Details of the- projects will
be untiled at a special invest-
ment symposium to be held in
Canton in. June under the aegis
of China's newly established
Ministry of Foreign Trade and*
Economic. Relations.

The symposium, to-be jointly
sponsored by the Trade Ministry
arid the UN Industrial Develop-
ment', Organisation (Unldo) will
bring foreign businessmen and
Chinese' officials together to
discuss new ventures.

' Ji Chongwei, a prominent
trade official, said this week that
missions were being sent to
Europe and North America to
dram up interest in the sym-
posium.

Announcement of the business
forum. , coincides with an
apparent improvement in the
climate for foreign investors in
China.

Other straws in the wind in-
clude the agreement announced
in Japan- earlier this month
under which China contracted
to pay - some $16m for textile
machinery to be supplied by the
Toko Bussan company. This is
believed to be the first purchase
of any : size of industrial
machinery in the past year since
the rigid policy of readjustment
was introduced. .

A further indication of re-
newed confidence among Chinese

officials was the recent agree-
ment signed with Sehtoeraann
Siemag of West Germany, to
reactivate a contract for the
supply trf a 8460m steel mill to
■the ill-fated Baosban project

. near Shanghai.

It was the Chinese decision
late in 1980 to cancel contracts
for components in the second
stage of Baoshan — including the
Schloeman Siemag cold strip
mill — that heralded a deep
freeze for foreign investors in
China.

“Potential foreign invested
who are interested m investing
in China can, during the -meet-
ing, conduct face to face
negotiations wifli their Chinese
counterparts," Ji Chongwri said.

Amon~ ihe 13(1 projects being
offered to foreign investors are
.four requiring quite large-scale
investment. These include a
cement factory In Guangdong
province. South China, requiring
investment of some SlSOm to
increase its capacity by 1.2m
ions a year, and tho investment
<rf about $27n\ to improve the
capacity of a soda ash and
ammonia chloride plant in
Xiamen. Fujian province.

China favours joint ventures
•and compensation trade— where
the foreign partner j s repaid ifl
materials produced— in its deal-
ings with Western interests
over the 130 projects,

AH but fivp. of the 130 pro-
jects arc established ones which
are in need of modernisation.
Half are in coastal provinces.

Since the joint venture law
was promulgated In 1079. 40
joint ’ projects have been
approved and 27 are now in
operation. The number of co*
production and ' compensation
trade projects Is now almost .
1,000. . ■ '

Foreign Investment la these
projects totalled almost fSbn«

Ji Chongwei saii r “
Meanwhile, it has been
announced In Peking that 'Opel-
dental Petroleum writ this
sign an agreement with China's
Coat Development Board for a
feasibility study . on. the pro -
posed Pingsuo open-cast' coal
mine in north-west China.

The Pingsuo mine is a hug*
undertaking and will requite
an estimated S5O0m-$fiQ0OT
worth .of foreign supplied .cot®* .
portents and expertise to bring
it Into production. ■ . . ■ 1

iifce

■V..|

ern

ports

lidFtffSff

v ** «?IH
ci»s*

Financial Times Thursday March 25 1982

Drivers may pay
to enter London

W LYNTON McLAlN, TRANSPORT COKRESPONSB4T

UK NEWS

British lead fast food race, says Ronay

THE Greater London Council
is to consider charging the
drivers of private cars for
access to central London in an
unprecedented attempt to cut
traffic congestion after the
forced cancellation of the couik
cal's cheap fares policy for
London Transport.

The proposal to charge
drivers as they enter central
London Is in an unpublished
report prepared for the last
Tory administration of the GLC
In 1879. Sir Horace Cutler, the
Tory leader, refused to publish
it because it involved inter-
ference with car drivers’ free-
dom.

Yesterday this decision was'
reversed by the Labour-con.
trolled council’s transport
committee in an attempt to find
alternative ways to make people
□se public transport The com-
mittee acknowledged that the
existing measures to control
parking were “inadequate."

“ Traffic congestion in central
London at peak periods has
reached unacceptable levels
and continues to rise,’ 1 the
controller of transportation and
development said in an accom-

panying report to the com-
mittee.

Congestion is expected to rise
even further as a direct result
of the 100 per cent rise in
London Transport fares last
Sunday. An extra 300.000 car,
taxi and motorcycle journeys
are likely in London every day,
a rise in vehicle mileage of |
nearly 3 per cent.

The proposals outlined for
London in the report from Sir
Horace’s administration called
for a licence for vehicles cross-
ing a cordon north of the
River. Thames,

At current prices the licence !
charges would be almost £2 a
day

The proposed cordon would
extend from the junction of
Marylebone Road and Edgware
Road in the west of central
London to Aldgate and White-
chapel Road in the east through
King’s Cross in the north and
down to the fines of the Thames
from Tower Bridge to Vanxhall
Bridge.

The proposed restriction
.would -apply to controlled
vehicles crossing the cordon
into central London in the
working day.

Passengers oppose plan
for third London airport

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT

THE Air Transport Users
Co mmitt ee, -which represents
the interests . of airline
passengers, believes it would
he more convenient for most
travellers kf no third London
airport were built. Heathrow
and Gatwicjc should be
expanded to meet foreseeable
demand, it said.

In -a representation.- to the
public inquiry into the develop-
ment of Stansted, whklh is sit-
ting at Quendon Park, Bishops
Stortford, the committee says
two airports are better than
three. Passengers would prefer
not to travel the 30 miles from
Central London to Stansted
when they can go only 13 miles

Total losses of aircraft
cost $97m less last year

BY OUR AEROSPACE CORRESPONDENT

LOSSES ^Offered by tfte. inter-
jffHrtnal aviation'- 11 Insurance
market were, substantially,
reduced last year.

Statistics from the Aviation
Insurance Offices Association
show that 12 Western-built jet
airliners were total lasses last
. year, at a cost of about 3123m
f£G8.4m) compared with the 23
jet aircraft costing $220m lost

in 1880.'

• However, the first two
months of 1982 have seen three
jet aircraft lost, costing about
368m, mid vrtth many airliners
operating today worth more
than 350m each, a relatively
small number of losses can
significantly affect the ann u al
results.

Passenger deaths - in ,1881
amounted to 355 in six fatal
accidents — ■ considerably less
than the 744 deaths from fatal
accidents in 1980. Crew fatali-
ties dropped fay 30 to 92.

Mr Ivor Purdue, chairman erf
the Aviation Insurance Offices
Association, that in 1981. efforts
by some underwriters to
improve premium levels and
terms and conttitions of insur-
ance were undermined by
others willing to capitalise cm
the overcapacity fin toe market

Although there had been
some moderate rate increases
hi the year, it would be wrong
to a««me that premiums had
reached an acceptable level, he
added.

New airline to develop
Air UK charter business

FINANCIAL TIMES REPORTER

A NEW AIRLINE, British
Island Airways, is being set up
to develop as a separate" com-
pany the charter activities for-
merly conducted by Air UK
The latter will continue to fly
as a scheduled service airline.

Mr Peter Villa, for some time
the managing director, of Air
UK and his associates will take
over the shareholding of BIA,
at present owned by Air UK
Mr Villa will become (hair-
man and joint managing direc-
tor of the new airline, with Mr
'Terence Oldham, formerly with
Pelican Air Transport.

British Island Airways ex-
pects to be fully operational
from Gatwick on April 1, using
One-Eleven jets. As well as
charter flying for tour opera-
tors, it will engage in other
aviation activities, such as
spares trading, airline manage-
ment and business conference
traveL

• Nigeria Airways wiff Intro-
duce a Boeing 747 Jumbo jet
on the route between Lagos,
Kano and Heathrow from April
1 with, an aircraft leased from.
Scandinavian Airlines System.

Revenue loses tax appeal
against property group

BY RAYMOND HUGHES, LAW COURTS CORRESPONDENT

A TAX-SAVING property trans-
action between companies an
the Town axed Quty Properties
g ro u p was legitimate, the High
Court wiled yesterday.

Mr Justice GouMing dismissed
an Intend Revenue appeal
against a decision by lax com-
missioners in favour of Arndale
Properties, one of the group’s
companies.

Tfoe co m nM Sgfoaere bad befd
tfrat Arndale was entitled, to set
a loss of £23m Stdadmed to have
fw fl ri p on the Cnsnsartion. against
its profits far coffporastfcm tax
purposes.

The judge swd tiiet asmtsrer
group company. Sov ereign
Property Investments (Newport)

« eat £5 Jan on acqui ring ana
desveiopwig kasetedd property
fin Newport. •

In Man* 1973, .when . the
property bad a maria*

OTly £3 Jm, at was assigned for
£3.08m «o Armtefle, which, on
the same day, assigned ft
to another group company, the
Aimdale Property Trust, for
£3.1m- . ; • ,

In 1975 Arndale, which had
previously surrendered trading
losses with a view to group
relief being obtained by. other
Town and City companies,
claimed under section 274 of

the 1970 Income and Corpora-
tion Taxes Act to have made a
toss of £Z2m—4he difference
between the £5.3m laid out by
Sovereign and the market value
of the property when Arndale
acquired it— allowable in com-
puting its profits for tax pur-
poses

The Revenue contended that
the section did not apply,
because Arndale had not
acquired the property as trading
stock, but oidy to get a tax
advantage. -

The judge said it was not
disputed that the only motive
for the double assignment,
rather than a direct assignment
by SovereL&i to The Arndale
Property Trust, had been the
expectation of a tax benefit for
group companies.

There was force in the
Revenue’s argument, because,
altho ugh the transaction bad
been consistent with Arad ale’s
trade as a property dealer, it
would never have, been under-
taken for merely commercial
purposes. '

But the judge derided that the
transaction had not been so
affected and inspired fay tax
considerations as to change in
shape and character from that
of a trading transaction.

BY ARTHUR SANDIES

THE BRITISH have beaten
the Americans ' at their own
hamburger ga me ac cording
to Mr Egon Ronay, the UK
gastronomic gum.

A new Ronay guide. Just
a Bite 1982, reckons that
branches of Jnlie’S Pantry (a
Trusthouse Porte subsidiary)
are better than Burger King,
and that the newer Wimpy
branches are superior to

Mrf)nnal/fa

In the Ronay league table
Julie’s Pantry scores 67 per
cent. After that comes Burger
King (62 per eent). Sup U
Like (60 per cent), Wendy
Hamburgers (59 per cent).
Wimpy (39 per cent),
Kentucky Fried Chicken (55

per cent)’. McDonald’s (52 per
cent) and Huckleberry’s (47
per cent).

The new Ronay guide con-
centrates on the family end
of the market, spotlighting
establishments which offer
good food, and particularly
good tea, at a reasonable'
price. It also covers wine
bars.

It expresses surprise at the
high standards of the fast
food world. “ Tastelessness is
fast disappearing and the
choice is wide,” says the
guide. It predicts a “ complete
transformation in old mass
feeding methods in our
cities.”

Not only did Julie’s Pantry

offer the best hamburgers,
says Mr Ronay, but 44 perhaps
the best doughnut the inspec-
tors haul ever tasted”. The
best coffee was at Barger
King but good dips were
almost universal.

This praise for a THF off-
shoot may go some way
towards mending the fences
broken in past exchanges
betwe en Mr Ronay and Lord
Forte, THF chairman, notably
over motorway service areas.

The guide believes such
services are substantially
improved and seeks some of
the credit for this for the
Ronay organisation’s cam-
paigns.

The fast food world, says

the guide, has its greatest
asset in the staff “ whose
innate cheerfulness never
abandons them.” Ronay also
likes the cheerfulness and
cleanliness of fast food outlet
decor.

The usual complaint about
them was queueing. But Ronay
inspectors stopwatched the
waits and found the average
to be three minutes

For the first time the guide
has chosen Britain’s best tea
room; Claris, at Biddenden in
Kent.

Just a Eire 1 J7S2. Egon
Ronay’s Lucas Guide for
Gourmets on a Family Budget. ;
Penguin, £2.95. 400 pages. I

EEC cash loans
for coal conversion

Sony announces television and camera advances

■ BY ELAINE WILLIAMS

SONY, the Japanese consumer
electronics company, is to intro-
duce a new concept to television
in the UK in May.

The company says that
Profeel is toe most dramatic
advance in television' tech-
nology since colour sets were
introduced in 1967.

The system separates the
three main components of a
television set — the monitor or
screen, toe timer to select the
television channel and toe
sound system.

These will be sold separately
in the way that hi-fi systems
are made up of speakers,
tuners and amplifiers, and will

allow the consumer to keep up
with technological advances
such as stereo television and
videodiscs when they arrive.

The system is intended to
overcome obsolescence in tele-
vision set design though rapid
developments in video, tele-
vision and computer tech-
nology.

There is a growing Interest
in home computers for enter-
tainment and education, which
will use toe television screen to
display information.

The monitor, which costs £350
can operate with a video cas-
sette recorder to act as a con-
ventional television as an these

recorders have built-in tuners.

Hov/ever, Sony says toar the
monitor’s picture quality
matches that found only on pro-
fessional television monimrs
-which cost nearly £1.000. It has
been designed to work with any
of the world’s television stan-
dards.

Yesterday Sony also revealed
its ' revolutionary magnetic
camera system, toe Mavica, in
Europe for the first time. The
Mavica, first announced last
year, looks like a conventional
single lens reflex camera, but
stores images on a tiny magnetic
disc holding up to 50 individual
picture frames.

The Mavica will be available 1
In Japan next year, but is un- •
likelv t,> reach Bniain before [
19S5. :

When it is introduced in the j
UK the Mavica camera will cost i
£350. the viewer — which links '
into a television set — will cost '
£100 and the magnetic <jj«r.s will !
cost £1.50 each. However the
discs can be erased and used
hundreds of times.

The system has many indus-
trial and commercial applica-
tions as well as its potential 1o
displace conventional photo-
graphy.

BY MAURICE SAMUELSON

TREASURY and EEC officials
arc putting the finishing touches
to a programme of cheap EEC
loans aimed at encouraging UK
industry to convert to cool from
dearer oil or gas.

EEC officials are pressing for
up to £100ra to be made avail-
able at loss than broad com-
mercial interest rates. They say
their package could provide
five-year loans covering 50 per
cent of a conversion project at
121 per cent intercsl— possibly
as low as II* per cent.

This money would supple-
ment grants already available
from the Industry Department,
covering up to 25 per cent of a
project for replacing oil or gas
by coal.

Negotiations about the addi-
tional cash were reported yes-
terday at a conference organ-
ised in Warrington. Cheshire,
hy i he National Coal Board's
western area.

Mr Brian Phillips, n member
of the EEC’s Direct ora ic for
Credit and Investments, said
(he money could come mu of
£400tn on which Ihc UK can
draw in I9S2-S3 for a wide range
of uses.

Since the money is a mixture
of sterling and foreign cur-
rencies. the Treasury will have
to allocate exchange risk cover
— thereby deciding how much
will be devoted to programmes.

So far. its has been willing
to allot only flam of This money
for conversion In uoal hy British
industry. Jn contrast, it is will-
ing to give exchange risk cover
for £325m towards industrial
job creation; £35m for tourism
and £25m for energy conserva-
tion.

However. £12.5ni has been
commuted already for coal con-
version. leaving only fl’.am for
similar prnjccis over the next
two >e.irs. The Treasury js
under pressure in the EEC ami
from the National Goal Board
in raise this lo fJDttni.

Although some £5um i<? cv.til-
ahle as grams from the industry
Department, ir is feared this
nuy fail «o win many converis
fo coal. The EEC money would
mean companies muld finance
up lo 75 per ccni nf the cts-il of
eon vers inn through g can Li or
attractive loans.

Lisa Wood writes: \ tout of
£t.?m has been craniea ro tho
UK from ihc Cuimnan Market's
Snci.il Fund to lin.incr Invjt joh
rrc.itton and lr.i:n:ng scheme*.

About half. £729.800. goes for
the Tyne and Wear Enierpnw
Trust fnr projects involving
sonic 2.000 workers in too
projects

The UK received £U0.8Sm In
the last year from the fund,
which gives emphasis to helping
■toe unemployed.

to Heathrow or 24 to Gatwick.

The committee is not in
favour of a ' fifth passenger
terminal at Heathrow. Although
it says this may well be toe
only practical course.

But it feels that it is not
right “ to scatter airports
around London toe way the
Victorians scattered their main-
line railway stations.”

The committee also argues
tout while ir might lake longer
to expand Heatbrow^-by mov-
ing the Perry Oaks sewage
works to create a site for
Terminal Five — increases in
passenger demand are unlikely
to be as great as was expected
a few years ago.

I 1

Who else could teach

the Chinese

ev

about

P

(I

We've been doing business with China
for over 50 years and Gestetner is what they
call an ’old friend!

And as our Hong Kong director
explains: “More than anywhere else in the
world where you do business, in China it’s
vital to make friends, to build up confidence
and trust!’

We’ve now established ourselves as
their major supplier even outstripping
the Japanese in terms of sales of plain paper
copiers.

SQwith education high on the list of
priorities within China’s FourModemisations
programme, we felt the time was ripe
to make morej^ndirect contact, get to the
end-user^^^BEtt?^^ and help him

W’' ^ 1 . . -w/v

... y, ir^’r-— 1

choose the correct equipment for his needs
As our specially converted train sped
through 9,000 miles and visited 17 cities
around the country more thanIQOOO people
came onto the train and saw our slide
prog ram mea demonstrations and seminars;
all given in local dialecta

With a country as vast as China, in so
many varying stages of technological
development, it would be impossible to
answertheircopying needs with one method
That’s why, with our unique triple
capability of copy stencil and offset, only we
can advise them on the best combination of
equipment to meettheircompiexdemanda
just as we would foryou.

Gestetner

No-one can copy us.

v-.-.h

ijjj pi *lfP 7f4ft, | J

'¥ IP '

s

1

I

Fitiswial-T’imoo MwAiiT'MorwK - 99 IOOT

UK NEWS

Financial Times Thursday JNiarch 23 19S2

State directors’ salaries I SE resists

in line with pay

BY JOHN ELLIOTT. INDUSTRIAL. EDITOR

KNOWN cadre OF - dropped in yesterday’s edition
BSS* “fwits called deputy It appeared briefly last year.

boards e was°the ai onlv^Ifn Cit f' Rolls-Royce chairman. Lord
MtiS.fi Ldul^ bLrd £f ad ? a ?-; wh ° £e - "

' members to make a rrJinr SIS J? eIieved io have risen by only
throuelT « k ■ 6 per-cent to £66,000— persuaded

Government that P his .com*

been so upset by the Govern-
ment holding down rises in the
past, that in many cases top
executives below board level
were being paid more than
hoard members.

insurance
companies’
charges call

Capital investment in chemicals Mitel wins
industry likely to fall by 6% second order

BY MARTIN DICKSON 11*0111 BfltlSh

By John Moore, City
Correspondent

ffiiSS w pay

wJZ' ■ EHE? .?*! Jr S?i«*

witli the help of the Depart included in. lists with. State*
' 2 1 ?? 1 of Ener gy- they success- owned industries such as steel
; fully argued their case for pay and railways.

.. nses of some 12 to 17 per cent - BL. which is owned ««
“ lane ® of fl7l50 ° to £22,500 broadly the same basis as Kolls-
1 «*”“■ Royce. -also escapes inclusion

The rest of the 35 industries' although its chairman. Sir
, 'Involved managed to win only Michael Edwardes. is known to
• one or two isolated exceptions earn ^ top salary in State
. to the rule — including a little industries — about £100,000..

\ 0f meir depu,y The significance of the figures

' «!???*■ „ . that appeared yesterday is that

T ?T ? t ^C e i% P - rk l r - c J ,a,rman of a ' e the first results of

- JS2S Ha “* “the known the new system of fixing
exuopie masting his annual nationalised industrv' board-
■ 25 per; r* 3 ’ 111 sauries since they were

cent from £48,000 to £60.000 if -hive off early last year from the

Britis^R 0 -i remain chairinai1 of remit ot ' ^ Top Salaries

It was this argument that
won the deputy chairmen of the
area electricity boards — who
are responsible for running
their areas under part-time
chairmen — the bigger increases,
raising their salary bands from.
£15.0rH)-£20.000 to £20 000-
£25.000.

HaiL Review Body.

‘ - tioS^Sh 1 tEST C9 -?° r u a ' The Prime Minister an-
■ Post Offic?*toeJ no 1 u t lced 3as4 A PriI that that the

salaries would be fixed accord-

cent 31 P® r in e to market considerations—

: SdustiiS^pre 1 ^? for their taJdng into account what it takes

f- SMSTaS" bems 561 ,or ShSSSS: and keep 1116 best

__These figures were published _ Eutjvithin wests nf confirm-

‘vestprdav V- - fl “W k «nin weess nr connrm-

annual li« , ■ Jiwuanrr- ana me ireasury

to M memSerf <S e nS!u ne w, P ^i d f, P erared . a* escape clause by
of a mJZSLm P leadin K that the mtionat

*4 economic Nation m^nt The

TVip I. etuiiumic siniauon meant ttie

tional nationTiiwii 8 • J saiafiK F»«M have to be hold

thpT ui l d J . n ?“5 ,ne8, df>wn fn ^e public sector limit

♦hail- i. J Q ' w n rn me public

a ” d L one op-seven per cent. •

S*' u Th * the rbairm.n

«r^ 3 t^ BUtR f° I1S - Royce *^" Snme^dustriesTiko

‘ ffiSTMTSS^fT"?' the CnaI Bnard am??he naiiontl

“ d regional electricity boards.

ment, managed to have its name argued that differentials had

There were also one or two
isolated cases of individuals
winning a little extra.

While the Coal Board, lost its
rase for a special review, the
British Airports Authority
received extra rises. These'
meant that its chairman, Mr
Norman Payne, was allowed to
heat the seven per cent limit
by one per cent creating e"ough
headroom for his full-time
board member just below.

The salaries of individual
board members were not pub-
lished yesterday, only their
salary ranges. These indicate
that those in the major indus-
tries such as rail. coal, steel
gas and telecom broadly earn
between £23,000 and £35,000
Now the industries are pre-
paring their proposals for the
coming year. The question being
asked is whether the Prime
Mi ins ter will dare to infuriate
the chairmen and their non-
executive directors {who pre-
pare me proposals) by laying
to impose the latest 4 per cent
public sector limit, or whether
she will allow a little market-
style bargaining to begin.

Editorial comment, Page 22

Chairman and industry

MAJOR NATIONALISED INDUSTRY SALARIES

Mr Peter Shelbourne, BNOC
Sir Peter Parker, British Rail
Sir George Jefferson, British Telecom
Mr Ron Dearing, Post Office ■

Sir Denis Rooke. British Gas
Sir Derek Ezra, National Coal
Mr Robert Atkinson, British Shipbuilders
Mr Austin Bunch. Electricity Council
Mr. Ian MacGregor, British Steel
Mr Norman Payne. British Airports
Mr Sidney Ebume, Crown Agents

1980-81 salary 1981-82 salary Increase %

£58,500

£43.000

£46,000*

£40,750*

£62,600

£60,000

£57,650

£53,650

£48,000

£51,360

£48,500

£34.000

£30,850

£48,5001

£36,750

£33,000

nwsS iStcrnce?" W * ,tCh P * rtWlB9 " lr ' Croaa ° “leulated) were paid as deputy chairmen of the former

’ fl.Tw'Sj'SA’t'a.SJ. ira ™““ **> »«< ■»« bfou»ltt hi, „, w

ij ■ THE Stock Exchange has
■ resisted calls by the insur-
ance companies for a substan-
l tial reduction In charges
: made by brokers on gilt-edged
l purchases in the stock
l market

Mr Brian Medhurst, joint
L secretary and chief invest-
ment manager of the Pruden-
tial Assurance group, said
"yesterday that Insurance
; companies ** will ■ he dis-
appointed.” He said that he
would be considering what
further action to take.

After widespread criticism
of its proposed increases in
charges among pension funds,
nnlt t rusts, investment trusts,
insurance companies and
other major investing institu-
tions, the Stock Exchange has
had to make concessions in
its proposed programme of
increases.

• Hie minimum commission
ou small sales oF equities
stays at £7 instead of going up
to £10. This concession does
not apply to purchases.

• Overall proposed Increases
on . equity commissions,
which would have given
stockbrokers an extra 7.3 per 1

I cent, have been scaled down
to give an across the board
increase of 4.2 per cent.

The ruling Stock Exchange
Council said It has decided to •
confirm its original proposal j
to make a concession for •
switches of large holdings in !
British Government securi-
ties, But • the proposed
increases in the gOts charges
remain unchanged from those
originally intended by the
Stock Exchan ge
The concession on the
switching proposals, argues
the council, could reduce com-
mission o nswitchlng transac-
tions by up to 25 per cent in
many cases. Mr Medhuret
said that insurance companies
did not accept that argument.

The - Stock Exchange said
that gilt-edged specialist
stockbrokers could see a re-
duction in their revenues by
12 per cent in real terms as i
a result of the proposed j ’
changes. ' ,

. The Stock Exchange said It i
does not expect that the i
adjustment will prevent a con- <
tinuing fall in the number of 1
broking firms.

CAPITAL investment in the
UK chemicals industry is
expected to total £4.6bn in the.
! next three years — a drop in
real terms of more than 6 per
cent compared with I979-S1
according to the Chemical In-
dustries Association.

Despite this trend, UK

CHEMICAL INDUSTRY
INVESTMENT

(fnwrf capital expenditure in UK on
plant, vehicles and buildings in £m>

At current
prices

At 1975
prices

i chemical companies still appear

_ ■ — ■ -

| to w investing more heavily 1

than those in other EEC coun-'
tries. Present British spending
plans -generally should mean a
substantial margin of spare
capacity over projected home
! and export demand in the first
i half of the 1980s, the associa-
tion says.

I In its. annual survey of invest-
j ment intentions, published
| yesterday, the association estim-
ates that capital expenditure in
the UK will rise by about 7 per
cent in real terms in 19S2. level
out in 1983 and turn down in
1984.

The cut reflects the severe
impact of the recession on the
chemicals industry. UK output
fell by 1.5 per cent last year
and dropped by 8 per cent in
19S0.

Satires: Chemical Industries Association

Capital investment ift the
industry last year is estimated
at £1.20 ha — a drop of 10 per
.cent on the 19S0 total in ciir;.
rent.price5 and 1G per cedt in
constant prices.

Some 16 per cent of .the 19SI
total was for nuclear fuel treat-
ment plant and its share of
investment is expected to rise
to 23 per cent in the 19S2-S3
period.

When nuclear fuel is stripped
out of the -figures, investment
expenditure on mainstream
chemicals is significantly lower.

The association expects it to
rise by only 3 per cent in real
terms this year, with fail* of
3 per cent and 10 per cent in
19S3 and 1984.

Some 48 per cent of planned
investment is going on new pro-
ducts or increased production
facilities; 20 per cent on the
replacement of existing facili-
ties; Ift per cent on energy sav-
ing measures; S pc,- cenr on
health, safety and the environ-
ment and 14 per cent on other
items.

The survey says that when
compared with the mid-1970s, a
lower proportion of capital
spending is some on new pro-
duct? or increased production
facilities.

A regional breakdown of new
Investment shows a net gain in
Scotland's share, mainly nt the
expense of iin> north-wc.-t of
En stand and the Miritawls.

The present spending pro-
gramme will maintain the UK's
hish share of total EEC chemi-
cal industry investment, cur-
rently about 2S per cent — con-
siderable higher than the UK's
share of European production.

Telecom

By joson Crisp

MITEL, the growing Cana,
tlian telecommunications com-
pany. has won orders worth
a minimum of £lti.5m from
British Telecom to suppiy
small private automatic
branch exchanges. PAKXs.

It is the second major
PA EX order Mitel has won
from British Telecom. The
first, placed in the summer of
19BU. greatly upset . British
Telecom's traditional sup-
pliers, UEC, Ptessey, Stan-
dard Ijctephoncs and Cables
and T;tIC The Initial mini-

mum order on that occasion

was for idin oul has been in.

Malvern Hills plan
given go-ahead by court

BY RAYMOND HUGHE5, LAW COURTS CORRESPONDENT

Bankers argue
against foreign
tax credit curbs

I AN ATTEMPT to prevent the
| charm and character of a ril-
j lag® below the Malvern Hills
; being changed by the building
, of new houses tor Midlands
commuters failed in the Appeal
Couk yesterday. .

By a majority, with Lord
Denning dissenting, the court
dismissed an appeal by Malvern
Hills District Council against a
High Court ruling enabling a
developer to go ahead with a
new estate of 25 houses In the
village of Cradley.

The council had contended
that the developer, Robert
Barnes and Co. had not begun
operations with the time
limit imposed by the 1971 Town
and Country Planning Act

Relying on a judgment by
Lord Denning in an earlier
case, the council argued that
work that changed the physical
character of the land, and had
some degree of permanence,
must have been done before
operations could be said to have
begun.

Rejecting that contention,
Lords Justice Eveleigh and

Tasker Watkins said the pre-
paratory work of pegging-out
the estate road, done by the
developer within the ‘ time,
limit, had been sufficient.

As a result of this decision,
the council will face a £500,000
compensation claim from the
developers

Lord Justice Tasker Watkins
said he suspected that the
understandable opposition of at
least some of the villagers had
driven the council to seize on
every legitimate tactic and argu-
ment to thwart the developers.

It would have to face the
consequences now, he added.

Lord Denning said Cradley
was one of a number of charm- j
ing old villages dotted among
woods in the valley of the
Malverns.

The village had quite enough
houses for everyone
A local planning inquiry had
found the development socially
unacceptable but ihe Environ-
ment Secretary had fell bound
in law to go ahead. A High
Court judge had agreed with
him. r • :

Bp Peter Montagnon,
Euromarkets Correspondent

THE executive committee of
the British Bankers' Association
agreed yesterday to. make urgent
representation to the Treasury
against plans to limit tax credits
UK banks can obtain- against
their international loan busi-
ness.

The banks fear that the
measures, announced in the .
Budget, could lead to loss of
competitiveness for London as
an international financial centre,
driving business to New Yerk.

At stake are credits against
UK corporation tax totalling
about £S0m a year which the
banks are entitled to claim
against withholding tax paid
abroad, or as a" result of
double taxation treaties with
foreign countries.

Some banks fear they would
suffer serious deterioration in
their relationships with estab-
lished foreign customers if the
legislation forced them to raise
margins on existing - loans to
compensate for the loss of the J
tax credit ' - 7

was for lain out has been In-
creased to £10m to date'. The
electronic exchange is pro.
vided by BT under the name
Regent.

■ Mitel is building a 300,000
i>q it factory in tidies to
make the exchanges, it j s
believed to have fought
British Telecom's original
minimum order level, now
significantly increased. Mitel
says it expects the second
order also will exceed the
minimum value. The latest
contract is tor delivery by
November, 19W.

The order is for two ex-
changes including £i5m of
ltcgeni exenauges wild ai to
12u lines, me second order
is tor a £L5ui exchange with
only lb lint's.

Women's Aid to look

at work rules

RESEARCH " Into how new
roles on the availability for
work of the unemployed
could affect women is to be
made by Welsh Women's
Aid, the co-ordinating body
for Women’s Aid groups in
Wales. '

The research into the refu-
tations. piloted in 20 areas in
Britain, Including Cardiff,
Ebbw . Vale and Merthyr
Tydfil in South Wales, is to
be financed by a £5,000 grant
from the Equal Opportunities
Contaussion.

In a. report published last
year Sir Derek Rayner recom-
mended unemployment bene-
fit offices should make a
closer check on . whether
people claiming: unemploy-
ment benefit were available
far work.

Pound forecast to fall against D-Mark

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Greater demand
for plastic . film

BY MAX WILKINSON, ECONOMICS CORRESPONDENT

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STERLING is expected to
weaken about 12 per cent
against the D-Mark in the next
year, but strengthen slightly
against the dollar, according to
the Heftley Centre for Fore-"
casting.

In its latest forecast of
exchange rate movements, the
centre predicts that the pound
vnil be worth DM 3.84 bv March.
1983, compared with DM 4.35
on March 1 this year, rt expects-
the pound to be worth $1.97
next year compared with $1.82 '
on March 1 this year.

The centre says: “Although
the recent cut in North Sea oil
prices appears to have been
discounted by the markets the
pound will remain vulnerable
to further oil market develop-

ments in the shnrt term. Never-
. tiie less, a fall below S1.S0 is
net likely io be sustained as
U.b. interest rates are expected
to ease.”

The decline against the
Deutsche Mark is expected to
reflect the strengthening of the
West German balance of trade
current account a* a result of
the weakening of oil prices and
other factors, and to be bol-
stered by improved prospects
for stability in Poland.

A lowering of the West Ger-
man inflation rate from the
annual 6.3 per cent recorded in
January i s expected in the
medium term, although the
decline in the short term is
?*? e 5, ted f0 be s™ 31 *- Improved
inflation figures are also ex-

pected to contribute to favour-
able sentiment about the West
German currency.

the centre predicts a de-
valuation of the French Ifranc
in the summer, partly in
response to a general
strengthening of the Deutsche
Mark.

The centre forecasts that by
March next year ' Eurodollar
three-month interest rates will
have fallen to -13 per cent and
three-month Eurosterling rates
will be 12.5 per cent. •

It predicts that in the U.S.
three-month rates will fall
about I } points from 14i6 per
c 5 n * a * end of February to
13 oer cent next March.

Henleii Cenirr for Forerrwf-
2 Tv d° r Street, London,

DEMAND for plastic film,
• 0! which goes Into

packaging, showed signs of
recovery in 198.1 from the pre-
vious lean year. Total volume
demand, however, was still
well below that of 1979
because of the decline of low-
density polyethylene sales.

An Economist Intelligence
Umt bulletin on packaging
finds little evidence of raw
material price rises seriously
affecting sales- of flexible
plastic, packaging films. It
forecasts that they will con-
tinue t ohold their market
share and attribntes any
weakness i n demand mainly
to recession and destocking
by customers.

R ggsS

Drop in volume of construction orders

BY ANDREW TAYLOR

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THE RISE in orders received
by - -construction contractors
2 ? 8 i a W)eare- to' have
being** 31 Je3St far 1116 Bme

I * wfcn ***«d yesterdav
■by the Environment Department
srrow that construction orders
in the three months to the end
of January. 1982. were 3 per
cent lower than in the previous
quarter and 4 per cent lower

than in the same period last
year.

In 1981. construction orders
rose by 4 per cent. Orders
were boosted by several large
public sector contracts in-
cluding power station work and
a new terminal to be built at
Heathrow Airport. Orders for
road contracts were also higher
than normal with transport
authorities taking advantage of

the very low tender prices being
-offered by contractors.

Advance ordering for road
works means that the bulk of the
money allocated for this year's
trunk road programme has
already been committed and as
a result the level of road orders
may be expected to decline in
.the coming 12 months.

tp&crj

Battle to cut
GLC budget

THE CONSERVATIVE-COO-
trolled London Borough of
Kensington and Chelsea has
begun a High Court battle to
force the Greater London
to cut its overall
£oo9m budget for the coming
year by cancelling a £34J6m
demand on the capital’s rate-
payers.

The borough claims . £3fou.
included by the GLC in case
the Government outlaws the
right to levy an extra rate,
if. unfair. It says the same of
£4.Gm earmarked io cover
shortfalls in income from
council housing stoek trans-
ferred to the local boroughs-

OBITUARY

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: :.everv Wednesday, Friday' tod Sunday aiidsam&W i ■

a;warm ana genue style ot service • ^

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-.--7 -

SIR KEITH SHOWERING, the
chairman and chief executive
of Allied Lyons since 1975 who
collapsed and died, in London
on Tuesday night, helped make
his famtiy’s Babycham business
into one of Britain's most cele-
brated post-war. marketing
successes.

He then rase via Allied's
board to one of the foremost
positions in British industry.

His death at 51 comes at a
time when Allied Lyons seems
poised to benefit from several
strategic decisions taken under
Sir Keith’s leadership during a
period of major change for the
whole drinks and brewing
industry.

Allied is one of the most
I broadly based food and drink
businesses in Europe and tenth
largest company jp the UK
Sir Keith was boro and grew
up in Somerset, where he joined
the family’s 300-year-old cider
business in 1947. Six years later
his father and two uncles were
ready to launch a product
ysing pear juice and a double
fermentation process;

Sir Keith played a major role

’s marketing led him to the ton

m the marketing success »

m the marketing success of
Babycham. Then he brought off
another marketing coup after
Showenngs acquired Harvevs,
the Bristol-based sherrv com-
pany in 1966 He increased its
profits ten-fold* in seven years
end made Harveys Bristol
Cream a world brand leader.

• a . t ^. ulsiti on of Shower-
mgs by Allied Breweries in I9as
made Sir Keith a rich man,
valuing his own shares in ,the
company at over £3m.

Sir Keith responded energeti-
cally to the management

ft*?! 0f stain’s

targest brewer.

Allied's boardroom saw ner-
sonal rivalries in y^'

2S n Sf ate SL aft f r

ihe Showering family direocore.

However, Sir. Kerch’s astute
business brain as well as a

With an incisive mind which
was sometimes belied by h£L
and at other times prompted a
wme h aulocral £ Zugl
l ^ J ° viaJll - v - ho turned
Ucul C a bai S nShlP ,0 lhree

j »ed Breweries had become
over-central ised, with a maua g£.
ment structure which ^
thought stifled initiative, nt
did much to restore the group's
commercial motivation. S P 5

major hold tog in AUied's shares
helped him steadily to the top’
despite bis relative lack of
formal education.

*4 once said that his
ability to make monev” W3S
something he would not swap
for a degree from HaivsTd
Business School

. "J* the beer market Sir Keith
inherited a business caught un
awares by the boom “n
sales and then wrong-footed by

Mll3Ftn.IT ,0 hei S>>*«S

h» 1 !ht S c j?J and consciousness.

hwh 1 S d i? not stop hiin using
words on occasion about
the Campaign for Real Ale.

He also acknowledged the
brewing industry’s need to
cti versify m order to achieve
long-term growth. e

A1 P!f, th e background to
Sir Keith was vice-chairman of

Sir Keith Showering

Guardian Royal... Exchange
Assurance and a director erf the
Midland Bank. He was- knighted.

for 'his services to Industry -
He leaves a wife, Marie Sadie,
and six .children.

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Financial Times Thursday March 25 1982

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UK NEWS - LABOUR

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TUC defers internal row
to unite against Tebbit Bill

BY JOHN LLOYD, LABOUR BHTOR

THE TUC general council ban
postponed . a bruising struggle
over a. radical change m its
structure, to preserve a com-
mon. front at conference called
to approve a strategy of opposi-
tion to the Employment Bill

But strenuous efforts are still
b e i ng made to drop a plan to
make representation, on tbe
general council automatic for
Ml unions over 100.000 mem-
. bers. A meeting of the mainly
left-wing 'unions opposed to
change was held on Monday to
<Mscuss tactics.

They argue that the principle
of H automatic! ty ” is undemo-
cratic, contrary to its stated
aims , but it is understood no
firm decisions on tine issue
were taken.

Mr Leu Murray , TUC general
secretary, said that yesterday’s
meeting of the general council
endorsed a recommendation for
further study of the electoral
arrangements to be adopted by

the smaller unSons.

The full general council
would grapple with toe issue
at its meeting towards toe aid

of April, he said. Tbe employ-
ment legislation conference of
union -executives is on April 5.

The conference — dubbed
yesterday by Mr Murray as a
“unity rally” — is now certain
to show as unyielding front of
hostility to toe employment
legislation. It- win present the
TUC with its biggest test of
delivering militant union action
over any attempt by employers
to use the Employment BUL

Mr Murray said: ** employers
can do themselves — and .the
country — a favour by by te lling
the Government that they do not
need or want this disruptive
legislation, before it is too
late.

“No sensible employer look-
ing after his own interests can
relish another bruising and
damaging period of industrial

conflict resulting from iH-con-
ceived and provocative legisla-
tion."

• The TOC appears to be modi-
fying its traditional hostility to
legislation on hours, by con-
tinuing an examination of legis-
lation to enforce limits on work-
ing time. It is also tO e*awiiTW
the French system of “ soli-
darity contracts," under which
Government subsidies are paid
to companies introducing
shorter hours.

It is understood that the TUC
itself is favourable to (be idea
of legislation on tbe issue, and
that a number of major union
lead ers are coming round to
toe same view.

• The council expressed its
"serious concern” over the
situation in El Salvador, and
has deplored tbe Governments
decision to "lend authority to
the elections on March 28 by
sending two British observers.”

Unions send
£ 250,000
aid to Poles

VITAL SUPPLIES for
Poland, organised by the
TUC, are loaded onto a tony
outside Congress House,
London.

Mr Len Murray, TUC
general secretary, stacks sacks
in the back of the lorry, the

first of six to be sent to
Poland by toe TUC With him
are (left) Mr Moss Evans,
TGWU general secretary, and
(right) Mr Frank Chappie,
general secretary of toe
electrical and plumbing union
EPTU.

The lorries, carrying nearly
£250,000 of aid. will contain
altogether 20 tonnes of baby
food, fire tonnes of tinned
meat, one tonne of skimmed
milk, one tonne of tea, one
tonne of edible oil,

10.000 dehydrated meals,

clothing and other items.

The supplies, donated by
British companies in response
to onion requests, will be
distributed to toe needy
in Poland by the Episcopal
■Charity Commission

Moderates poised to
win again in Civil
Service union poll

BY PHIUP BASSETT, LABOUR CORRESPONDENT

Mobil tanker drivers table big pay claim

BY BUSAN GROOM. LABOUR STAFF

UNION LEADERS of 500 Mobil
tanker drivers and ancillary
workers yesterday formally
presented a claim for substan-
tial but unspecified pay rises
which may have repercussions
in tbe oil industry's next bar-
gaining round.

Mobil’s May settlements have
for the past two years become
targets for drivers in other
companies, which have settle-
ment dates in November.

Last year strikes were
-threatened at Esso, Shell and
Texaco in pursuit of Mobil's 11

per cent settlement, but these
companies and BP held the line
at 8.1 per cent.

The Transport and General
Workers’ Union will have diffi-
culty achieving a Mobil deal
above the 71 to 8 per cent going
rate which has since been con-
firmed in toe industry. Mobil,
like other companies, is suffer-
ing heavy losses on Sts down-
stream activities.

Last year’s settlements opened
op a differential on basic rates.
The simple weekly basic of
£116-55 for Mobil grade one

drivers is about £3 above that
of its competitors.

Mobil average earnings and
productivity payments are
lower. Their drivers earn
about £185 a week, which is
slightly above Esso (£178), but
below SheH (just over £200), BP
(£217). Texaco (£190-£195), and
a number of smaller companies

Mobil -was tbe first to agree a
productivity deal but its £16
payment is behind BP (£24),
Shell (£20) and Texaco (£20-
£25). Esso has sot yet con-
cluded a deal

Sealink founders in Irish waters

THERE IS still no solution in
sight . to -toe two-week dispute
which has halted Sea link's
Holyhead-Dun Laoghaire ferry
service at a cost, so far, of at
least £500,400. .

Reflecting local anxiety,
Anglesey Borough Council this
week formally urged the
Advisory Conciliation and Arbi-
tration. Service to intervene in
toe' conflict.

In spite of pressures from
' Sealink’ s management, workers
at Holyhead, and- the ten unions
representing' them, continue to
Stand firrarjip their campaign to
prevent toe British' Bail owned
port being bpened up to a rival
f erry tjgrvice toy toe- Irish
B and TTin&

Superficially it appears that
workers are taking a parochial
view of; -the-..' possible effect of
competition on their jobs. In
practice the .Holyhead impasse
is the reaction of a community
suffering 24 per cent male un-
employment, which feds a
major slice of its livelihood is
being disposed of in a secret
trade off between, -two govern-
ment owned companies with —

. now — different operating
philosphiesr

■Whereas Sealink is under
orders to pay its way by seH-
ing unprofitable business and
preparing for privatisation,
B-&I is being encouraged to
expand its way back into profit-
ability by grabbing a bigger
share of. Irish sea traffic. Sea-
Jink’s Holyhead employees are
determined not to be the
sacrificial hunbs in this process.

Sealink decided to suspend
its Holyhead service after
B&7 seamen allegedly seized
a company vessel and prevented-
SeaUnk’s St David ferry enter-

CONTRACTS

ing Dun Laoghaire. This was
in retaliation against toe re-
fusal by the Holyhead unions
to co-operate in implementing
B &Fs agreement with Sealink,
introducing a competitive ser-
vice between Holyhead and
Dublin, beginning tins month.

The damage to industrial
relations so far has been slight.
Both sides have played their
cards carefully. Of toe 1,100
employed at Holyhead, only 38
dockers belonging to the
National Union of Rajlwaymen,

Robin Reeves looks
at the dispute '

. halting die Holyhead
to Dublin service

have been, suspended— for re-
fusing to tie up B & I vessels.

Sealink has advertised for
replacements 'and, by . all
accounts, found them. But so
fax no attempt has been made
to use the new recruits to break
the boycott of B & L

As matters stand, SeaKnk is
cutting off its nose to spite its
face. A major part- of its tradi-
tional business on this route
must dearly be being diverted
to B & Ts DubHn-Liverpool and
Pembroke-Cork routes. But Sear
link is inclined to suggest that
in the long run everyone will
benefit from the addition -of
B & I services: In any case,
Sealink insists it has no .option
but to allow B & I in the port
under the "open ports philo-
sophy” of toe 1847 Harbours
Art.

Sealink’s arguments might

have sounded more convincing
to Holyhead workers except !
that .

• They were pressing Sealink
for some time to introduce a
two shift service on this route,
but were told as recently as last
December that the amount of
traffic did not justify it Sealink
stressed this was toe case even
though, following last year’s
introduction of the St David, its
£18m St Colomba ferry was
destined to lie largely idle for

- eight months of the year.

• Sealink gaye the Holyhead
anions no inkling of its negoti-
ations with B Sc L

• The - muons are in no doubt
that Sealink could have pie-
vented B and Ts entry by
changing its own salting times'
if it had wanted to.

B and I plans to use toe same
two ships to operate its nightly
DuSblm-Iiverpooi service. In-
stead of lying idle from 6 am
to 11 pm lire Ditotin-moored
ferry will be used for 10 hours
to sail to Holyhead and back,
giving B and I substantially
better use of its ships.

Sealink does not appear to
have defended the interests of
Sts Holyhead employees against
a rival operator. Having signed
the agreement with B & X, Sear
link now says it could not any-
way afford toe compensation
involved in breaking toe con-
tract

If the Holyhead workers give
in, they fossee toe day when
Sealink winds up its Holyhead
ferry services and limits itself
to collecting some £lm in
harbour dues and other charges
from toe Irish company which
in turn, will rceruii its staff in
•Dublin rather than Holyhead.

Fowler agrees
to meet
nurses’ leaders

By Our Labour Staff
MB NORMAN FOWLER, the
Social Services Secretary,
yesterday agreed to meet
leaders of Britain’s 500,000
nurses following toe breakdown
of pay talks on Tuesday.

However, it is understood
that Mr Fowler has made it
dear that he will not intervene
in the negotiations.

Tbe talks are deadlocked
over the management side of
tbe National Whitley Council
insisting that it can not improve
on a 6.4 per cent pay package.

Tbe nurses’ unions, which are
demanding increases m line
with inflation, want the Govern-
ment to allocate further funds
for wages.

More ships diverted from
strike-hitTilbury dock

BY OUR LABOUR STAFF

A FURTHER eigit ships due to
dock at TSbuzy yesterday were
cancelled or diverted by the
Port of London Authority as a
pay strike by 1,800 dockers con-
tinued.

So far, a total of 15 ships
have been hit by the dispute
which escalated on Tuesday
when members of the Transport
Union voted to join the National
Amalgamated Stevedores and
Dockers Union in rejecting a 5.5
per cent pay and bonuses
package.

The stoppage will be dis-
cussed at a meeting of the
NASDU executive today and at
a mass meeting of tbe 1,400
TGWU dockers

Tbe strike has halted all
activity at Tilbury's conven-
tional cargo handling dock. But
normal working is continuing in
the grain and container
terminals.

The PLA has made dear that
it is unable to increase its offer,
which was boosted by an addi-
tional bonus award after arbi-
tration by the National Joint
Council for the Port Transport
Industry.

• Shipyard workers on the
lower Clyde voted yesterday
to accept the Confederation of
Shipbuilding and Engineering
Unions’ national wage settle-
mem of 7 per cent. The
majority decision followed at a
mass meeting in Greenock.

MODERATES ARE poised to
win a further crucial electoral
battle in Britain’s largest Crvti
Service union, toe deeply
politically-divided Civil and
Public Services Association.

Following the election, as
union’s general secretary, of Mr
Alistair Graham, who had
moderate support, against Mr
John Macreadie, a supporter erf
the Labour Party’s Militant
Tendency, right-winger Mr John
Ellis seems to have defeated Mr
Macreadie again in the contest
to be deputy general secretary.

Balloting closes tomorrow and
although it has been a- low poll
— some estimates put it as low
as 20-25 per cent of tbe union's

230.000 members — more than
250 branches bare so far voted.

Some union estimates give Mr
Ellis toe lead over Mr
Macreadie with the proportion
of the voting being split
roughly: Ellis (nearly 50 per
cent): Macreadie (under 30 per
cent); Ms Diana Warwick, a
middle ground candidate (under

BA ramp staff
resume talks

BRITISH AIRWAYS and the
Transport and General
Workers’ Union yesterday re-
sumed talks over the six-week-
old stoppage by 2.000 ramp staff
working on short-haul flights
from London's Heathrow air-
port.

However, little progress
seemed to have been made, and
BA was still maintaining all
its services through toe use of
volunteer Labour.

• All British Caledonian- flights
out of Gatwick were halted
yesterday when toe company’s
aircraft loaders refused to
handle baggage following dis-
ciplinary action taken against
one of their colleagues.

20 per cent): and Mr Peter
Thomason, another left-winger
(under 10 per cent).

Many large branches have
voted for Mr Macreadie. Final
voting in the union's largest
branch, Newcastle Central
Office, takes place today, but on
current figures Mr Macreadie
has won by about 2-1 there,
taking more than 2,000 votes.

He also took toe Scottish
Office branch, with 34S votes,
to 25 for Mr Ellis. 25 for Ms
Warwick and none -for Mr
Thomason.

The left and right-wing
machines in the union have
been pushing hard for Mr
Macreadie and Mr ElUs respec-
tively, though Ms Warwick’s
campaign has caused surprises.
She has distributed possibly

100,000 leaflets on her own
behalf

The bailor result is not
formally due until April 5,
though there are some expec-
tations in the union that it
could be announced next week.

Wage deals ‘in
6-9% range’

PAY SETTLEMENTS In the
past two months have been
kept within a narrow 6-9 per
cent range, according to the
Independent Incomes Data
Services research group.

Its survey, which claims to
give a comprehensive view of
basic rate Increases across' all
parts of toe economy, shows
that within this range, settle-
ments have been most fre-
quently struck at 7-S per cent.

It adds that calls to settle
at half the level of last year’s
deal now no longer have any
impart. The longer-term
picture is of a stable spread
of settlements between 5 and
12 per cent.

Whateverthe savings,
all too often cheap business
stationery can prove a false
economy. In fact, in these
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when your company’s image
is all important, choosing
less than the best could prove
apositive disadvantage.

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£6m Iraq hospital package

SHANNING INTERNATIONAL,
Berfcbamsied, has won a £6m
contract for a special nursing
hospital in Baghdad Medical
City. It is for a total package of
toe equipment and furnishings of
a 250-bed specialised nursing
hospital including, wards,
theatres, laboratories, kitchens
and administration. offices.
Supply, installation and com-
missioning is to be completed in
six months for toe official open-
ing in September.

★

PHILIPS GROUP PROJECTS
(UK) won contracts worth £lm
for work .on private hospitals.
The contracts cover the pro-
vision and installation of elec-
trical. electronic and medical
systems. Tbe hospitals being
undertaken by Sal tab art Hold-
ings, the private hea lth care
company, are being construction
at Brentwood (32 beds), Black-
pool (38 beds), Solihull (32
beds) and Southend (32 beds).

7 • *

Air Order worth well over
£850,000 has been won by
MATHER AND PLATT, part of
toe WtKBHtid Intetrna&mal
Group, for toe supply of a total
■ftf 32 pumps and motors for use
at too HeySham H and Tomess
AGR nuclear power stations.

vlr

Intensive, trials and research- by,
a Royal Navy technical team,
■bave led to an order worth
£500,000 being won- by RACAL
COMMUNICATIONS, toe strate-
gic communications systems
specialists of toe Racal Elec-
tronics Group, for toe supply of
compacts TTA 1SS5A one-valve
transmitters. The Iransmitteis
are for Naval coast stations
-around toe UK &ad deliveries
wiU begin to April. Tbe order,
placed by toe MiRistEy of

Defence (Procurement Execu-
tive), formes part of a Royal
Navy re-equipment pro^anane.

*

NEC TELECOMMUNICATIONS
EUROPE COMPANY has been
awarded contracts worth £500,000
to supply facsimile transceivers
linking major rail freight users
with area centres in British
Rail's total operations processing
system (TOPS). . Tbe orders
c over m ore than 200 Nefax 3500
CC1TT Group H transceivers
which, will enable BR's customers
to send hardcopy orders — such
as forwarding instructions — over
public telephone lines to area
freight centres throughout toe
country.

A renewal forkhft truck hire
contract worth more than
£187,000 has been awarded to
HARVEY PLANT’S Southampton
branch by Mar tini and -Rossi, .h
includes the supply of 10 Cater-
. piHer M40 electric counter
balance trucks of 400 lb capacity,
ail complete widh side shift
attachments. The trucks wtH be
used for storage and consignment
dis tri b ut ion from Martini and
Rossi’s West Bay Road focatkm
within Southampton Docks.

*

A contract -worth £173,000 has
been awarded by Warrington and
Runcorn Development Corpora-
ttoato THOMAS ASHLEY,
Norflswidi, for phase 10 of tbe
minor works to provide* footways
to Hnk existing and ' proposed
housing estates to toe already
estaflriished infrastructure in ail
areas of Warrington New Town.

-Basb brewing, hotel is and enter-
tainments group has ordered
£150,000 ‘worth of computer com-
jnuaications devices from
CODEX {UK), Croydon,, a

Motorola company. Tbe equip-
ment is to be used in setting up a
depot suppurt system for the
breweries distribution side of
the group’s business.

•*

OCEONICS,- Alton, has won two
international contracts. Seiscom-
Delta, a UJS. geophysical con-
tractor, has purchased a com-
puter package to integrate
positioning systems valued at
$250,000 (£139,000). and this wiH
be detivered and installed cm a
seismic survey vessel in Singer
pore at toe end of March.
Another contract is fur a similar
navigation system valued at
8130,000 (£72,000) which bas been
delivered to Digicon in Houston.

*

J. A. ELLIOTT has been
awarded two contracts totalling
over £ 1m. One is for courtyard
improvements at the GLC*s
White . City Estate at £366,000;
while the other is for tbe City of
Westminster at £802,000 and
consists of 24 flats in a three-
storey block together with six
shops, a children's play area and
an older person's pop-in
parlour” at the junction of
Church Street and Lisson Grove,
London !NW8.

rlr

Keeping toe weather at bay fc
not toe only reason for double-
glazing. Tbe city of Bi rmingha m
is currently keeping toe noise
out of 603 homes . by fitting a
total <rf 2440 secondary windows
Inside local authority houses in
toe Sheldon and Tile Cross
areas. Hie contract for toe
noise' Insulation work to 359
dwellings was awarded to
ALPINE DOUBLE GLAZING
’ and is " worth £250,000 to the
company. The houses me
directly in toe flight path used
by adrimers -approaching . Bir-
mingham International Airport.

usiness

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using only the finest of paper-making

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.TtemraiUEp^HORS^ I

I

Financial Times Thursday March 25 1982

UK NEWS - PARLIAMENT and POLITICS

Atkins reaffirms
EEC prices and
payments ‘linked’

Thatcher downgrades Reagan address to parliament

BY MARGARET VAN HATTEM. POLITICAL 5TAW=

BY'IVOR OWEN

BRITAIN’S determination to
ensure that agreements on jd
^nture EEC' budget contribu-
tionsjg*. aligned with approval mp
of the next round of price .*?.■; .
increases for Community 1&
farmers, was reaffirmed by Mr A>.
Humphrey- Atkins the Lord K~
Privy Seal -and Deputy Foreign jB&a*
Secretary in the Commons last
night. rr*9r

v

He . stressed that the two "I,*
issues were “linked" when ■
seeking to allay Labour fears
that Britain could be forced
into isolation in her long-run- tu-
ning dispute over the size of V".
the net annual payment she is V

called upon to make to the
Community. ggsaflSi

Mr Eric Heffer. Labour’s
spokesman on European affairs.
warned that it would be quite NV
wrong if there were to be “a Wm -
shabby deal ” on the budget Mm
while ar the same time Britain H

consented toon increase in farm
gate Jond prices, which cost Port pi
British consumers a great deal, between

'•*», - r A

vvj -jf

PRESIDENT REAGAN yes-
terday mounted bis white
charger and rescued the
Prime Minister from her dis-
tress over the embarrassing
affair of his address to par-
liament in June.

The White House an-
nounced that the President
would he “ delighted ** to
address members of both
Houses in whatever venue the
Government chose.

Shortly afterwards. Down-
ing Street announced that the
President would be invited to
make his address in the Royal

Howe optimistic
of meeting
inflation forecast

Gallery, and not in the more
historic setting of Westmin-
ster Hall originally planned.

The announcement is a
triumph for Hr Michael Foot,
the Labour leader, who set
out on a personal crusade to
stop the Westminster Han
address as soon as he read in
tiie press of the Governments
intentions.

He told Mrs Thatcher that
he totally opposed such an
invitation, and would have
done so earlier, before in-
formal soundings were taken
with U.S. officials, had she

bothered to consult him.

A1 though he did sot dir-
ectly threaten a Labour boy-
cott of the occasion, the pos-
sibility was obviously taken
into account

Labour, supported by the
Liberals, indicated tint hon-
our would be satisfied if the
occasion were ■ downgraded.
The Social Democrats Indi-
cated that they did not care
one way or the other.

The Government, judging
discretion to be the better
part of valour, sounded oat
the Americans on whether the

compromise would be accept-
. able.

Mrs Thatcher appears to
have held out against the idea,
and at one stage warned the
Commons that the fuss would
do * untold harm " to Anglo-
American relations.

She appears, however, to
have been won round by some
of her senior colleagues and
advisers, who point out that
the Royal Gallery, with its
imposing pictures, is much
more pleasant than draughty
Westminster HalL

Indeed, it has been sug-

Lord Lane blames pornography Britain kicks

r . J the habit, -

for crime increase among young ^ Tewa*

O' •nurr, vttaUS nffw ririnki

By Max Wilkinson, tiup

Economics Correspondent FINANCIAL TIMES REPORTER

SIR GEOFFREY HOWE, the T 3 ® I C 0 , rd CJ 1 ®* Justice, Lord active help of lawabkting oti- earlier.

Chancellor of the Exchequer, “ 55 s * and their effidency should. Butt

said yesterday that he was opti- “* ** 1 ^ den S5! d ***** tow

mistic that the Government’s USES* s)ossy Photography, who ought to taww better. akhoug

inflation forecast \*uld be met >“*»“* LoT ? t**** 3 # tjpfxot appropi

crime among young people on not be undermined by people inv towaitfcehorter aTiwenSne" fighting among ourselves, said
imported glossy pornography, who ought to know StiiwSihis ^5T 5tK3* » Norman Tebbit, Employ-

yESterday - . Jffi 1 ^ said the Mtf *** ft??"*, w.

Humphrey Atkins

nc juuu (j i jct:*, aiuui tua i h*»vw for cereals— by continue to fall. — — . — . , . r . . , v ^ ... , . w .

■Irish consumers a great deal, between 5.3 per cent and He was giving a post-Bud^et Lowkw’ 5 Strand would realise reduce prison sentencing 'SPfcTHn?* 1

He voiced his suspicions again 7.05 per cent— represented a assessment to tire Treasurv and wutatrve effect of the wherever possible. “u.SSm

ter "When Mr Peter Walker, lower increase than that pro- ritrii huge increase in the sale of j? t0 . country disguised as “ Prison never did anyone any Manufacturi

this year, but he warned that During a law and order sexual behaviour which sexual crimes,
living standards would probably debate jn the Lords, he said accompanied mine were What the ju

anyone who sat in his court in “ almtst unbelievable

later "When Mr Peter Walker, lower increase than that pro- Civil Service select committee — C~~,7 — — - — n® k™. ■ „ ~ tv.,.;: rji»« u«vei «i« «ujuup aiw «k«. m, mi

the Minister of Agriculture, posed for last year. Si mid “ « S SSSKSSb ^ tSSHm ba £? a ^ *}£$ good amUt is remarkable how J"**®** to MI 7p»wt

called for a general recognition He said: “most of us would it that IKS SK8&." * ^ '2S “ ""'*** * 10 5-1

til BritSSk iJJEKI'S 1 ? 10 SCe 3 i bett l r baJanc ? shOTtd * moderation in the Se These percolated through the has said the Govenunent had

return for Br.ta n s fan ners to between cereal producers and current pa? round. This would de Dieted on of all shops and found their way into s f ek a «vise judges has ^ accused of heartlessness,

in e h P o^ WiS.r 0 , Restock producers both in the be crucial towards bettvr infla- 2E ’ thetaSs Peo^X OTer «“ “ few and

^in oroducSona satisfantora ^ an ,f el ? cwhere j a Eur °P e tioo prospects and also for keep- inquisitiveness, and greed inevitable seen nn and down the’ always been to giro the

tmn production on a ntisfattoiy and will welcome and press for ing to a mimmum the cut in ^ d^SSed, and aB §Se everyday. sal«m bar drank another

,c «. e ' ..j., that differential to be mam- real take home nay. Lord Lane said these were cou ?? try . now . undoubtedly .teens him milet for

pornography.”

And he attacked the

ery day. ™ bar drank another

Lord Lane said these were drink— it keeps him quiet for

The Min ister said the improve- tained."

ment in the incomes of Britain's
farmers last year amounted to

med- — Sir Geoffrey described the

Mr Walker claimed that the Budget forecast of an annual

things are religiously imitated ar ,A n rrA nn .nmuTsse- u**“» — *>• '»pwa •«*« h*^*?*- ±w

by youngsters who form such th ? areas where the attadc on SStto^i£?tha? theshorfer ^ »«aent But tins Govem-
a very large proportion of the should be levelled rather be the bettS " ' ment m »y »>- Not only did

»> Than — too la to— at tim«. seatence can ae rae oeuer, , IU> _ ..nrim, ArinVc in tKo

. 'a Commons Sketch

rliament - — —

Chancellor
fails to

to speak in Westminster Hall
(he was the last Head of n l n « fU/v

Stale to have had that hgn- 01 fly tflv

our) was because it was felt Mr *

that the Royal Gallery’s pic- n ^ raorfl

tore of Wellington meeting litl ll

Blucher after Waterloo might

have discomfited him. OUR SUSPICIONS were tiulcfcly

So Labour has won, but it aroused as Sir Geoffrey Howe,

may prove a Pyrrhic victory- Chancellor of the Exchequer,

For while some left wingers began to answer questions

are determined to keep their about his Budget before the

other engagements on the day Commons Treasury and Civil

courtesy demands that most Service select committee

of the parly should turn up. yesterday.

He confessed that he had not
beeh to give his full
Britain kirks attention to a list of written

questions from the committee
ll a L n L:f because he had been absent

lUv UaOU) ~ in Scotland on Monday and

m »/ Tuesday,

savs lebOlt Had he perhaps been lurking

A ^ , around Htilbcad to sniff out

^ ° TWO YEARS after drinking in opportunities for a handout

' the Last Chance Saloon Britain of Government cash for Scot-

... ‘ is 'beginning to kick its bad land, in some shock horror

jlier habits and face up to fighting ev&of-poU announcement?

But "be said fudges were mov- * e .competition instead of our fears. ■ however, were soon

i g fighting among ourselves, said allayed? He had been in

Mr Norman Tebblt, Employ- Edinburgh, and seems to have

ment Secretary. . - missed the general notion

He told a CBI Conference m that no minister should rise

London that two years ago in- to his feet this week without

flatten was 17 per cent and s uddenly discovering some

rising. Now it was 11 per cent ■ glowing prospects for the
and falling- Scottish economy, partlcul-

Manufacturing productivity ariy iu the Glasgow area,
was then set to fall 7 per cent, in fact It was the sobep<rided
Now it was rising by 10 per sir Geoffrey that we know so

cent . ^ L . well, although be did seem

■ He said the Government had more relaxed awd — yes —

been accused at heartiessness, actnaUy made one or tiro

and of ndt caring. It has sharp wisecracks,
always beep easier lp giro the Mr Michael English (Lab., Not-

raal crimes: He told a CBI Conference in

Wbat the judges were trying ^

to do at the moment 'was to 5*J“? Sir -TivES <5nt
A,m nricmi nntoiu^M liShlg, NOW it W8S 11 PCt Cent

Manufacturing productivity

only two per cent in real terms «ew proposals on the distillation rate of 9 per cent inflation by citizeiis.
IVZ°£! “SJS-TSiirSS of wine embodied an agreement the end of this year as a M cen- Lord

than — too late — at the time

Mr Walker reminded MPs that
for several years fanners had Britain's
suffered a drop in their incomes 5 n( j U strv
and emphasised that investment " “ '

totally s;
industrial

n agreement me ena m 1
safeguarded t^l ” figure.

alcohol He said the reduction of the attacking

Lord Lane started his con- when these y
t r ave rsal maiden speech by arrived in court.

we stop serving drinks in the

tiiese young people

a limit to wbat the judges could ™

An «r>n^{n tn brought the shutters hard down

tingbam West) the scourge of
any witness before the
committee. . believed he
detected disparities between
the Chancellor’s forecasts of
previous years, and the actual
out turn of the economy.

~US taTSd nelthir «to frJSfJSfSlS* g STX hTSSSw tti fcSU

courts nnr rfie nniin» pmiM be met with pnson and certain m

industry. inflation rate in February from released by the Metropolitan courts nor the police could . wf pnson ana certain

irintTiiMn The new safeguards had been 12 per cent 11 P er cent save Police showing a breakdown of solve the problem of rising ? iSve . t0 ^ met w th

designed to prevent a threat him confidence that this forecast figures for both white and crime By the time the criminal substantiad prison sentences.

It was not m the interests of oesisnea to prevent a uireat wnu u h*. m-ZTiT-JE. (»nintA ri.<i>. aM H. n Fth, n rii M “Offeneps of violence —

figure would be achieved, and black people.

the country or in the interests d evel°pmg to trie major invest- that? a furtS r r edSrtten t om
of British agriculture for that “*« : ^ ich had taken place in Sui

were still drinking. We have
to stop the binge before we
were all swept away in a tor-

violence — pent of excess.”

"ASLSmim . seek alrano1

oil and other energy prices, and When Mr Heffer pressed for He said however that last
lower interest rates would help an assurance that the new vear it was estimated that real
farmers. But he underlined the arrangements would not result take home pav was reduced by
fact that the latest wage increase in any British workers losing a bout 3 per cant and this t>rt>-'
for farm workers would add up their jobs in the industrial eess would continue ^

to a considerable extra cost for alcohol industry Mr Walker -rj, e reduction in roal income
the farming industry. retorted - this is a much better relented a ne5»r? »

Mr Walker said there must agreement than anything C( npnr a. ^

He said, however, that last operate with the consent and most be sought a great deal severe terms.

titan courts nor the ponce could £ “ t-*"* were still drinking. We have effect of the Government’s

n of solve the problem of rising t(> s^P ^ binge before we had been to reduce local

and enme. By the time the criminal substantial prison sentences. all swept away in a tor- government spemtime in-
fell into the hands of the police “Offences of violence — pent of excess.” crease.-- eestnri government

ostly and by the time he reached whether they be violence with Mr Tebbit said there were spending, reduce pribKc

min- court it was too late. The weapons, guns, knives or sexual many pointers to a more investment, and increase the

damage had been done and the violence — have to be met with secure and more stable eco- money supply,

only remedy if it could be found terms of imprisanment-^often nomic future than at any time “I give you credit for your

He said: “They are mostly and by the time he readied whether they be violence with Mr Tebbit said there were

Britain’s industrial alcohol amiUal rate of 7$ per cent could misleading ami largely unin- court it was too late. The weapons, guns. Imives or sexual many pointers to a more
industry. be achieved in the following teUigible.” damage had been done and the violence — have to be met with secure and more stable eco-

in the last decade.

be some improvement in the Labour achieved.’

prices secured by farmers if
there was to be higher invest-

Mr Walker hit out at Labour
leaders for tabling an amend-

ment and higher productivity ment to a government twjeon

from British agriculture.

-envisaging .an agreement on

anything c every from the pay explosion
of 1979-80 he said.

t Labour Between 1977 and 1980 real
l amend- take home pay increased by
t wfcon about 17 per cent, but even afipr
nent on a squeeze during the first nine

After Hillhead . . . Beaconsfield:
by-election bandwagon moves on

Dealing with the prospects for EEC farm support prices for months of 1981. living standards AS THE electorate of Glasgow
the next round of increases in 1982-83. The amendment advo- were sttilmo lower than in 1979. HlIIhead S°es to the polls

EEC farm prices. Mr Walker cated the abandonment of the
promised to seek continuing Common Agricultural Policy.

He emphasised that the today, the voters of Burnham,
squeeze oTreal teromw woSte «£!

restraint in areas where there In a veiled warning to Tory be proportionately less if wage P* 1 * two local by-elections

Elinor Goodman on the next
major test of public opinion

were surpluses. But he also said back bench anti-Marketeers he
that Britain’s attitude would contended that vote in support

take into consideration
realities of that scene.”

'the of. the Labour amendment
would be tantamount to saying

bargainers continued to exercise couI f. a p oster torate — M indeed itself— that from the .problems faring the

“wisdom, sense and mod era- fojbe. result of the next major ^ ^ a chance of winning, rest of the country.

test of public opinion.

which the liberals

-agents

Mr Walker pointed out that that Britain should no longer
proposals to increase the sup- have any part of -the EEC.

NEC ratifies Bradford N.
reselection proposal

BY ELINOR GOODMAN. POLITICAL CORRESPONDENT

LABOUR'S national executive member of Militant should be
committee yesterday ratified its allowed to stand as the official
organisation sub-committee’s Labour candidate in Liverpool
recommendation for a re-run of Wavertree.

Burnham, just off the M4 would be expected to pick up demand for property slackened
north of Slough, is in the par- a fair, number of protest votes. last year, but now report that

the selection procedure in The executive. \
Bradford North, where the clearly determined
local party chose Mr Pat Wall, arguments before
a member of the Miliranl Ten- crucial Hillhead I

which was
to avoid
e today’s
by-election.

dency.

preference to the also confirmed that the inquiry

sitting MP Mr Ben Ford.

At one of its shortest and

most amicable meetings for in June.

into the activities of Militant
tendency would be completed

months the executive also
endorsed, with virtually no dis-

■ This means that it is likely
to figure large on the agenda

lismentaiy constituency of
Beaconsfield. where the death

But it will be a very difficult . buyers are becoming mare
tsk. The Tory majority of “confident” again. In

of toe sitting MP, Sir Ronald 21.505 is laager than anything Beaconsfield’s main street, toe
Bell, three weeks ago. means the Alliance has yet overcome, shoppers exude an air of com-
there will shortly be a by-elec- and the Conservatives are awe- fortable affluence. . .
tiou. somely well organised- Unlike But there is another side to

Once Hillhead is out of the in Crosby, where the local the constituency. At toe Slough
way. the political caravans will party had become very run end, there are two large council
move on to Beaconsfield, and down before the by-election, estates where Labour Is trada-
an electorate which has been toe Conservative party an tionally strong. Tbis'paxt of the
largely ignored by the media Beaconsfield is flourishing. constituency is tn Berkshire
on the grounds that it instic- It has wer 10 qoo members retuTns Labour county
lively votes Conservative wfll ^jpund one-seventh of the « ranciIk > rs -
find all its long-held beliefs electorate or looked at Around Burnham and Woo-
being challenged, another wav mUeitfith nf ah* bow. Green, there are also some

looked

Around Burnham and Woo-

FROH EIGHT TO CENTRE?
Sir. Ronald Bell < above) who
held the seat for over 30
years, and his main challenger.
Liberal Pan! Tyler (below)

another way, one-eighth of toe * arn - Green »

council developments.

Already, tire parties are SDP national membership. In I Yl e developments,

moving into action. The one tf its 20 branches, 550 of whfle «»e of toe bri^it new
Liberals, who will fight toe con- the registered electorate are

shtuency on behalf of the paid-up members. Even allow- consfatuency ^are just toe kind
Liberal/SPD AlKance. • have ing fo? the many members who SLft 06 *-' ^ ere AJHmxx:
selected their candidate. Mr joined for purely social reasons, p,ck *2™

cussion, the organisation com- for the party conference in the
miltee’s view that another autumn.

Sffii

Howe: living standards will
fall

MP for ^dnnn and secretory full time agent, reckons he can
of one of the joint Itoeral/SDP count on 1,000 voluntary pa ^'

no strong Royalty to any other

co ®“ mss }?5?' . ... workers from within the con-

■nie Lroour Party, which stituency helping during the
until now has tended to regard campaign.

There is consfcteraMe dissatis-
^ faction with toe Govermnent

Beaconsfield as a desert, will
chose its candidate shortly.

Captain Wilkinson

among some of these couples.
Most people work outside the
constituency, and xmemploy-

Rhein^Saar-Lux-LB
Balance Sheet ’ 81 :

The Conservatives have tttene y. as . a conservative — — r — ~ — . —

nv . r /win in P 058 ®^*® u* unich the same An electorate ignored by

over 10,000 members xn way as Britain's colonial fUn media hpransp ft
the constituency — Governors used to regard the . ® K

a corf nf thn colonies. instuiclively votes Con-

1110 n IM b ^SL£ T o ^f*? d servative Will find all its

electorate Beaconsfield, it would be a sign i «.«.

that the Conservative empire beliefs Challenged

while, m a sure sign that the * 7~ 7 I . T“

‘ m s. e sxtofiio wthrtB

area, and regards the consti-

selves.

1981 I960

In Million DM'

Balance Sheet Total

3,795

2,718

Due from Banks

1,332

1,010

Due from. Customers

2,062

1,522

Volume of Credit

2,831

1,995

Securities

118

90

Capital Funds

125

94.

by-election will be highly pubK-
cised, the independents are
also moving in.

members have

plans but what worries me
is that you have been widstl-
- teg in toe dark” nafid Mr
English. . .

Sir Geoffrey effectively slapped
him down by observing: H It is
nice to see you axe whistling
with me”

The trouble was, said .the Chan-
ceflar pMasophically, that
some criticised him for' being
- too lax in controlling money
' supply while others thought
. • .ho had- been to strict. All
> -rids , -otisfiraied him jq bis

T^fiere . was s a - xatiter slippery
;• ; tecfoaarunce by the. Chancel-
‘ lor i^iien he wiis- closely
. iquestiofittl by Jfr Richard
: - WrinwrigHt an>, Cotoe Val-
ley), almut the abandonment
of MS as the sole money
■Wpply target' and toe adop-
. tioiL ; of a- range of . 'options
between and those

johnuy-come-latelys PStT t and
PSL TL - • .1. .

-“It -could be said ypii pick
; different friends at different

- times;" said Mr Wainwright

' But Sir Geoffrey made il clear
. that .as far as :he was -con-
cerned all the indicators were

* a gang of old . pals - that all
•-had a. place in his affections
The Chancellor was also hard

pressed by the'- committee
about the . effect* of high

- American interest rates on
. .the British econotny. Labour

■ . MPs felt that he bad.hot been

as too^i in' his -pressure on
toe U.S. Government ^ss he
' ; might have been..

. As one would. • expect, . SSr
’ Geoffrey favoured the softiy-

■ softly approach in such matters.

characteristic prose, he
. . told the committee: .“When
you are -discussing the econo-
mic policies, of other states
in public it Is prudent to .do
so in terms that are less han
. strident.” :

Ever since Budget day the

* pundits.' have been trying to
^ decide whether the package

was reflationary, deflationary,
or merely neutral. Yesterday's
grilling did not throw much
light on these, matters.

ttve is to stand on a very right-
win? platform on the grounds ■
that having elected Sir Ronald

Sir Ronald Bell held the seat, average, but hi both the nearby thrown themselves into the «r u on . ese matt 5 rs ‘

split between Buckinghamshire Slough Industrial Estate and in aiirit of toe ABiance bv e odors- 1 have S*veu my best audg*

and Berkshire, since its forma- High Wycombe, there have been ing Mir Tyler ment. It seems to me .to be

’*/*“ r-.uL x-L tion 1974 « rad before that lay-offs. - ‘ - reasonably pessimistic. . . . I

maepetsoeiit vxmseTva- ^ras MP for 24 years for the At coffee mornings you hear to port, the Labour party mean reasonably optimistic, "

old seat of South Bucks. stories of small b usinessm en bas just over 300 members. It - said the Chancellor in' a

As one of the most outspoken etrugg&ig to keep going, and *s described by its secretary as Freudian shp. . . - •

was MP for 24 years for the At coffee mornings you hear to pert, the Labour Party

old seat of South Bucks. stories of small b usinessm en has just over 300 members. It

As one of the most outspoken 6truggteig to keep going, and Is described by its secretary as

right wingers at "Westminster, of young executives made Centre-Left, and voted for Mr ' Mr Wainwright .suggested that

Bel? for 30 rears, wrfore aF wtauniastor, m jwuns vsevoavcw mane m - « iur air

BeamnsfiFW rad a fervent anti-marketeer, redundant There are com- Tony Berm m last year’s deputy

Beaconsfield must tike toe
right

The Conservative Party is

didate until toe end of April,
which means the. poll is
unlikely to take place before
June.

The Conservatives hare had
over 360 applicants to consider
for what would, until a year
ago. have looked like a job for
life. Beaconsfield is one of the
50 or sqi safest Conservative

Mr Tyier chihns that despite

tife. Beaconsfield is one of the tive territ!Hy; la *Ee detached toe Afflmrce candidate, in Hffl-

50 or so safest Conservative v ^ S? 6 ! head,, that BeaconsfijS SnSbo .

—

very good chance of holding it a liberal, dream — a 'mw ® tbe Tories lost, it

S part y s ^ neeze 051 SJSmpTgS would be a sign that the '

But toe. local Tories are being third party, squeeze OR
.told they must avoid com- T«hnnr '
placeney at all costs, and .fight ' _

it like a mar ginal- .

•From the Liberal point of houses set-wed back from toe
view the seat has one great roads, • neat, private housing

, redundant There are com- Tony Benn.ru last year’s deputy perhaps his stance should be

be was sometimes at odds with plaints, too, about primary leadership contest A Labour . described as pra gma tic,

members of his own party, and schools being closed, and even victory m Hillhead would “Ah, there’s a word for you”

in Beaconsfield school leavers certainly improve . morale-, but mused the' Chancellor, “it

do Dot find it easy to get a job. acrordteg- to one Labour baa been used by so many

, _ _ . — There does not seem, to be • S5r 7ls V &■ take some- people, that one hesitates to

the Tory left winger Mr Fred toe same resentment about toe ““S a raroJution to apply it to oneself.”

Silvester. But he was never in Government's handling of toe snge- Beaconsfield into a Mr Austin Mitchell • fE*

any danger of losing the seat economy that was so prominent Labour seat ' Grimsby) took a. foBay

tojmother party. in. Crosby, where toe bleeding ^ ^ .-approach as befits Ws former

SwS u S^L*f S * Js TF SrSK as 4 ' rV toter -

the Xmevelasment ad^B^'e SMt^eOta*-

is*

vote in Beanconsfield, but -it ■ ^ same time rnt 4 &u*aimSr** r*.

wtil have to be nurtured. very — : — ' -SlfcS^

mw lSnS u tte Tories lost it ln ^ nm
liieiy to fismeio tt?oaaipagS be a sign that the : S2S®tti s r ^p.' BUch 1 ** re

advantage over Mr Roy Jenkins,

• beginiilng to enable

Leip fee Conservatives. “ : 1 -

Both the Liberals arid toe a two-hrrrse ' race. Phs«

.Ucvcl^V aid. Mfc. SChtoeS.
no hands.”

According to .foe.; Chance®*.

rd party-
-Labour

Landes bank Rheinland-Pfalz und Saar
International S.A. Luxembourg

Sharehddas:

LarnJsshankRhaWand4^ -Giroz«iliaJe-Mfflfc ( W^ Germany

gpar l p, l S^l-Girozentraie-Saa±rilcken. West Germany ( 25.1

fttTOdhrAn^AihenfefW.art8^L-«44LWBnbo»ifftTaephoto

axe maoe: a tiuto party- wwiuw pomes, . , t u__T , Z- w au^=vt

squeeze in whit* Labour Shaped like -an inverted U. “e KSd ^ outonae ^ BeqconsfieI d-

rather than -ton Liberals are it tak« in amsnter vuiagss hamshS^SS^Sundl^S J? Bfr. Jenkins, were to wsa

onimwfl liVn Emipna Xnii srw4 Cn . . . , >.1 . . trtrfov ft twmU nntth. A ru.

squeezed. - like Bourne End and Gerrards SDP has attracted ouit»' a St ?>day, it would put foe Alliance

In 1979, Labour -beat the Cross, and between them acres of support, and the focal our tv ^dwagon fimSy back on the

^ t sL k ££JsL m ~

ssusisir*** Jszrzsr’&s: Sss ssrJSJS

ssAsyssrjajs

e outcome in Beaconsfield. secure substantial- jnvgrtss
If Mr, Jenkins were to win **** 00 ; to adrtwe

day, it would put toe Alliance ■ movement . J*

indw^on fimSy -back on the ' rate f* seca ^®^ 5 ^

ids, ami it might just move ***** Iea *. 8 r0W ?i ^

l to take Beaconsfield . economy, and continued pro-

_ , , press in monetary dfccisBne.

It would be ironic ft toe SDP *1 think that is just xtooot toe
ses, for hi many ways toe right point now at 'wfrich.fo.

in which Labour would find it than factories. In some ways
difficult to convince toe elec- it seems to have been protected

wa ssuriswS

be," he argued,'

John Hunt

BV '

tfce

me

L'xt

sttor\ ■»w£««-0:s£»

:•:•• . ^cx.:::. .XwvC.:.^ ■_..

?NJS
. 45

? ! n ?

, ' IVy 5:

f P .■* l «M

"" « *5t*

’ i M-- l,*,'

«?■£*

■ ...’ , *

. 1 *•■• r»

., ’ ""'••lyV ,

<.:* ft, i
\« k *%

he*

’ , '“ t - *ni^

(tv 5

’ fk

Hr*

;•■=• ?T2f.

■■ - r «!■.• k>5

' ■■"■ !*■•»•• be-:?

• / . They said it wouldbe hard to

improve on the outstanding Peugeot
505 Saloon. Yet the new Peugeot 505
> E state marks an even finer
achievement

THE LARGEST “
LOADSPACE AVAILABLE

The new 505 GL and GR
: provide a massive 79 cu ft
of loadspace, with a perfectly
flat floor and minimal
intrusions. No other estate
available in Britain today
gives you so much space.

THE BEST FUEL
ECONOMY

Despite its size, the 505
GL can easily achieve 25 mpg*
on the urban cycle, which
surpasses the touringfigureformost
other large estates.

. . ' And the 505 Family is capable of
an incredible 40.4 mpg* at a constant
56 mph. No other range of large
estates offers such outstanding fuel
economy.

A UNIQUE 8 SEATER "FAMILY"
MODEL

The 505 Family model is the only
estate car to offer 8 forward facing

seats with both rear sets of seats able
to fold flat so that the entire area can
be converted to cany loads. The first
set of seats is split into one single and

one double, which foldindependently,
giving remarkable seat/load
versatility. No other estate car gives
you such flexibility.

PEUGEOT DESIGN
EXCELLENCE

The name Peugeot is
synonymous with design excellence.
The 505 Family Estate fully reflects
this and boasts a level of refinement
that is hard to rival.

Power steering is standard and
aninstrumentpanel withnoless than
fourteen separate functions adds up
to total driving control.

There's an intem-
alheadlamp adjuster
which varies the
angle of the headlamp
beam, to compensate
for varying loads, and
even an econoscope
s o that the driver can
ensure fuel is used
efficiently.

With sumptuous
tweed upholstery
and a special air
ducting system which
heats and ventilates
all parts of the car
evenly, passenger comfort is
unsurpassed.

The massive glass area and pan-
oramic heated rear window, complete
with wash/wipe, provides the ultimate
in all round visibility.

Peugeot have designed the car
with the utmost precision, even
the spare wheelis locatedbeneath the
rear load area for easy access.

No other large estate gives you
such a high level of refinement.

PEUGEOT ESTATE CAR

HERITAGE

Only Peugeot have a true estate
car heritage.

We spend three years designing
and testing our estates with
particular attentiontowheelbaseand
suspension engineering - not simply
an adaptation of the existing saloon
configuration. Whether fully loaded
or not we have ensured that the
handling, comfort and ride remain
excellent.

Each car and its components is
thoroughly tested by a quality control
team representing over 12% of the
workforce.

So we feel confident in offering
the Peugeot six-year anti-corrosion
warranty on all our models. No other
manufacturer can claim the same
level of estate car expertise.

PEUGEOT
VALUE FOR MONEY

We believe that a 505 Estate is
the finest you can own. Prices start
from just £7,199.

Look up your local dealer in
Yellow Pages. He'll be happy to
demonstrate the unique Peugeot 505
Estate range.

Vi, • i >■< f-.A •''Vi'* 1 - v - JVYV - \ y " \ x . v* . At"' Y. . ' ‘ . : : ■ . ‘

as*

THE 505 ESTATE AND FAMILY ESTATE. 3 MODEL OPTIONS. For the address of your nearest dealer check Yellow Pages. Diplomatic, Nato and g— ■ . | a—

: personal export inquiries Peugeot Park Lane, 63/67 Park Lane, London W1Y 3TE.Tel: 01-499 5533. Price correct at time of going to press, |

(.•Official Government fuel consumplion figures. 505GL Urban cycle: 25 mpg (11317100 Km), constant 56 mph: 38.7 mpg (7.317100 Km), .constant 75mph: ta 1/ C PR IHF 1NT PRPPKlrtM
|2SL4mpg (9.617100 Km). 505 FAMILY. Urban cycle: 24.8mpg (11417100 Km), constant 56 mph:40.4 mpg (7.0L/100 Km), constant 75 mph: 29.4 mpg (9.617100 Km). l ,. | \ | t-7l- IIH r IMlSwUlWI N

5

Pnifnipial : T!ini»a.

-t^ew ■

12

Financial Times Thursday March 25 15)82

BUSINESS LAW

Taking the heat out of trade disputes

BY A. H. HERMANN, LEGAL CORRESPONDENT

WORLD TRADE issues are now
a question of life and death for
many industries. Some five
. months ago I said, in this
column, that it might not be a
bad idea to give more legal
thought to the settlement of
trade disputes. However, such
thought as has since been given
to this problem has not had the
beneficial effects one would have
hoped for. Indeed, the prospects
of bringing some reasonable-
ness and objectivity into the
settlement of trade disputes
now look dimmer than at any
time since the 1930s.

Several Bills, introduced in
the U.S. Congress recently, are
adorned with reciprocity clauses,
a legal device exquisitely suited
to the disruption of world trade.
If enacted, these reciprocity
clauses would enable U.S.
regulatory agencies to stop
imports from countries where
U.S. companies have met with
difficulties. The guiding prin-
ciple would be to open the U.S.
market -to - foreign companies
rwily -to the degree that U.S.
companies can sell in the
relevant foreign market.

years. Both Canada and Japan
have already protested against
the reciprocity legislation, and
the EEC is about to warn the
U.S- that such legislation would
block the extension of GATT
to services, which the U.S.
desires to secure better access
to foreign markets for U.S.
banks, insurance companies,
engineering consultants, etc.

* <* *

Such a resolution of trade
disputes by retaliation is clearly
contrary to the multilateral
spirit of the General Agreement
on Tariffs and Trade (GATT)
“which has helped so much to
liberalise trade in post-war

Trying to avoid naked retalia-
tion and still do something
about its soaring deficit in trade
with ■ Japan, the EEC has
decided to make a novel use of
Article 23 of the GATT. This
enables GATT members to free
a country of its GATT obliga-
tions if they find that its com-
plaint is justified and serious
enough. EEC complaints would
relate to the entire imbalance
of trade with Japan, a much
wider issue than the sectoral
disputes for which this proce-
dure has been used so far. The
sanction, for which approval
would be sought would be
global and would differ from
the retaliation proposed in the
U.S. by having the seal of multi-
lateral approval.

But is it a practical propo-
sition? Even when only rela-
tively minor sectoral disputes
are at issue, it is most difficult
to reach a consensus within a
reasonable time. Before it can

come to “adjudication** there
are long negotiations about the
composition of the panel — many

candidates are unwilling to get
involved. Then follow delays
over the terms of reference,
agenda and evidence- And. at
the end of the long day. there
are no sanctions to enforce
whatever conclusions the panel
has reached: and so after much
delay the dispute has to be
resolved by agreement or
remain unresolved.

One can easily imagine the
political circus which will
assemble in any attempt to
apply such a procedure to the
entire trading relationship
between Western Europe and
Japan. Of necessity the U.S.
will get involved, not as a
panellist but as a trading
partner of the two parties in
dispute. Who will be the
neutral panellists? The result
can only be another intermin-
able diplomatic conference or
the abandonment of GATT.

week Mr Timothy Egsar 1 Con-
servative MP for Enfield'), will
table a private Bill, under the
Ten Minute rule, proposing that
the Government should be given
powers to retaliate by a tem-
porary prohibition for the
restriction of imports of goods
from member states which
remain in breach of judgment
of the European Court Mr
Eggar wants the Trade Secre-
tary to make orders, after
consultation with the EEC
Commission, prohibiting or
restricting imports of certain
goods originating from a mem-
ber state which had failed to
comply with a judgment of the
European Courts for three
months.

RACING

BY DOMINIC WIGAN

3AGKERS of favourites were
out of luck on last year's open-
ing day of the Flat season.
However; it is likely to be a
different story' this afternoon,
with both Guy Harwood and
Robert Armstrong fielding
strong challenges for today's
Lincoln meeting at Doncaster.

Harwood, intent on beating
his last year’s personal best, 97
winners.' looks set to score with
Bold Hawk and Indian King
while Armstrong can expect
Feather Sound, fit from a racing
spell in France, to lift the
Barthyany Handicap. -
A winner on his season's
debut at Cagnes-sur-Mer,
Feather Sound did not quite
live up to his early season
promise in 1981.

Nevertheless, he was placed in
nurseries at Newbury and New-
- marie et towards the end of the
^ campaign. Judged on his two
I, efforts in the South of France
j this spring he is now a better

horse than the bare results of
his first season would suggest.

I take him to land the after-
noon's most valuable sprint with
a clear-cut success over the
lightly-weighted Ken Ivory- filly.
Gentle Star.

Indian King, among the run-
ners for the £10.000-added Don-
caster Mile, got off the mark in
his first race last season by
putting two and a half lengths
between himself and Rush moor
in a well contested event at
Goodwood over today's distance.

A handsome and late-develop-
ing son of Raja Baba, Indian
King has. in his trainer's
opinion, made up into a miler
capable of making his presence
felt in Group Three company.
If this is the case, Indian King,
who will he considerably more
forward than most of his eight
opponents this afternoon, ought
to win without too much
difficulty.

DONCASTER
2.00— Repitch

2.35— High Old Time

3.05 — Feather Sound

3.35— Indian King***

4.05— Bold Hawk**

4.35— Knight Security*

On a smaller scale, a similar
problem is now emerging
closer to home. With the rising
tide of protectionism, member
states are disregarding not
only EEC directives, but even
judgments of the - European
Court. The lamb judgment of
the European. Court, and its
disregard by the Freneh
Government is still remem-
bered but what is less well
known is that it was only one of
18 cases of failure by member
states to comply ’with the
court’s judgment during that
period. One set of judgments*
which is still largely ignored
or bypassed concerns discrim-
inatory taxes on Scotch whisky.

Over the past four years —
since the UK achieved full
membership of the Community
— the unlawful, discriminatory,
part of taxation levied on
Scotch whisky in other member
states is estimated to add up
to some £225xn — four times
as much as the UK’s net annual
contribution to the Com-
munity's budget. Though
discriminatory tax was con-
demned by the European Court
more than two years ago.
France continues to levy it and
has made its recovery prac-
tically impossible. Whoever
now claims in France repay-
ment of unlawfully levied taxes
ha s to prove that the taxes
were not passed on to the con-
sumer.

* * *

The absence of enforcement
mechanisms for European Court
judgments has been worrying
European lawyers for a long
time, . but to no avail. Next

Such a solution is, no doubt,
tempting for those who are
becoming increasingly bitter
over their inability to make
others accept the high standard
of legality which they cherish.
But it is a fact of life that the
authority of die courts differs
greatly from one country to
another. Legislation of the type
proposed by Mr Eggar is
-infectious. Its spread would be
probably stopped by the. Euro-
pean Court. If not, such
retaliatory sanctions could
give die EEC a coup de price.

And so we are back to square
one and to what was said in
this column five months' ago:
that trade problems will not be
helped much by a legalistic
always the political responsibiJ
ity of governments; but that a
fact-finding body capable of
considering dispassionately the
complaints of the interested
parties would help, much in the
same way as the Office of Fair
Trading and Monopolies and
Mergers Commission keep the
Ministers removed from the heat
of anti-trust disputes, even if
these ultimately have to be
resolved by them.

BBC'i

TELEVISION

LONDON

6.40-7.55 am Open University
(Ultra High Frequency only).
9.05 For Schools. Colleges. 12.30
pm News After Noon. 1.00 Pebble
Mill At One. 1.45-2.60 Mr Benn.
2.15-3.00 For Schools. Colleges.
3.15 Holiday with Cliff Michel-
more. 3.53 -Regional News for
England (except London). 3.55
Play School. 4.29 Mighty ' Mouse.
4-25 Jackanory. 4.40 Huckleberry'
Finn and his Friends. 5.05 John
Craven's Newsround. 5.10 Blue
Peter.

Chris Dunkley: Tonight's Choice

5.40 News.

6.00 Regional News Magazines.
6J25 Nationwide. '

6.55 Tomorrow’s World — the
latest news in science ana
technology.

7.20 Top of the Pops with
Peter Powell.

8.00 The Kenny Everett Tele-
vision Show..

You can pop out for an early dinner at any local restaurant
of your choice tonight, provided you're back by 9-SO to switch
on BBC-2 and the first episode of Heart Transplant. This is
a seven-part series which follows the events since last autumn
inside one of Britain's two major transplant hospitals: Hareneid.
Tonight’s episode introduces John Haines and his. wife
He is in-a critical condition; without a donor heart he will die,
so when the call comes from Harefield saying a heart is on offer
the Haines’s hurry to the hospital.

That series comes from the Department headed by Roger
Mills who was responsible for “ Sailor." " Hospital ” and the
“ Forty Minutes ” series which Heart Transplant replaces. The
following programme also has the name of its executive producer
to recommend it; Bill Morton’s programmes are invariably inter-
esting, as My Village, My Life promises to be. It offers a picture
of the Indian village of Nanpur seen through the eyes of Prafulla
Mohanti, the only member of the village to have had a Western
education. Now living in England as a writer and painter,
Mohanti introduces viewers to the village astrologer, the barber,
the priest and the widow.

630 Love Story: Love Is Old,
Love Is New (serial in
four parts).

That’s followed by Newsnlght which goes to Hillhead for
the by-election result.

9.00 News.

BBC

935 Shoestring starring Trevor
Eve.

10.20 Question Time with Robin
Day.

1L20 A Kick Up The Eighties:
The first of -a comedy
series that looks at life in
the 1980s starring Richard
Stilgoe.

1L45-1L50 News Headlines.

6.40

11.00

335

4.45

5.05

5.10

+5.40

6.QQ

7.55 am Open University.
Play School,
pm Bombay Superstar.
Caught In Time.

Anthony Rooley gives a
lute recital- *

Frank Lloyd Wright
Laurel and Hardy in
“ Thicker Than Water."
All Creatures Great and
Small.

635 County Hall.

<30 News Summary.

735 Hard Times.

735 Take Me Back To New
Orleans.

839 Russell Harty.

9.00 Call My Bluff.

930 Heart Transplant*

1030 My Village. My Life.
1L00-2.00 am Newsnight includ-
ing coverage of the
Glasgow by-election.

9.30 am Schools Programme.

12.00 Tbe Wooflts. 12.10 pm Get
Up and Go! 12.30 The Sullivan*;.
LOO News, plus FT Index, l.aj
Thames News with Rohm
Houston, 1 30 Crown Court. 2.00
After Noon plus presented bv
Judith Chalmers and Trevor
Hyett. 2.25 Racing from Don-
caster. 3.45 The Cuckoo Waltz.
4.15 Dr Snuggles. 4.20 Little
House on the Prairie, 3J5
Emmerdale Farm.

5.45 News.

6.00 Thames News with David
Beilin and Rita Carter.

630 Thames Sport: Derek
Thompson. Alan Taylor
and Simon Reed reilert
Uie sporting scene includ-
ing a look ahead to the
new flat -racing season.

7.00 Looks Familiar.

730 Rising Damp.

8.00 Falcon Crest.

9.00 Shelley starring Hywel
Bennett

930 TV Eye.

10.00 News.

10.30 Danger UXB.

11.30 Hillhead By-Election: In
the - ITN studio with
Alastair Burnet will he
Mr James Prior, Secre-
tary for Northern Ireland

(Conservative). Mr Tony
Benn (Labour), Dr David
Owen (SDP / Liberal
Alliance) and Donald
Stewart (SNP).

1230 am Close: “Sit Up And
Listen "-with Roy Plomley.

t Indicates programme In
black and white

All IBA Regions as London
except at the following times: —

There may be room in Europe
for a body which would do the
same sort of fact-finding done
in the U.S. by the International
Trade Commission. This could
provide the European Court
with more complete information
about the business, economic
and political aspects of the
trade disputes which the court
is asked to decide. It could
usefully divert the court's
attention from its doctrine to
the economic and political
reality in which its judgments
have to survive.

'Judgments of February 77 1980

aqeinsi Ireland (55/791. France fT6S/
7BJ. Italy (169/78). end Denmark (171/
78). FT European Law Letter. March
1980.

ANGLIA

1JO pm Anglia News. 2-00 Not For
Women Only. 4.20 Palmer* town. 6.00
About Anglia. 6.20 Arena. EJS Cross-
roads. 7.00 Baneon. 10.30 BasVeiball:
■' Krooklok Master* Tournament.” 11.00
Parents and Teenagers. 12.30 am The
Living Word.

BORDER

9.30 am Physics in Action. 1 -20 pm
Border Newt. 5.19 University Chai-
lengs 6.00 Lookiraund Thursday. 6.35
Crossroads. 7.00 Emmerdale Farm.
10 JO Golfing Greats (Severiano
BaHestsios). 11.00 Parents and Teen-
agers. 11.27 Border News Summery.

What’s On Where end Weather. 6.20
Cross road 9. 6.00 Channel Report. 6.15
Ladies' First. 6.40 On The Water. 7.00
Baneon. 10.28 Channel Late News. 10.34
A Better Read. 11.06 Parents and Teen-
agers. 1130 News end Weather in
French.

GRAMPIAN

9.2S am First Thing. 1J3> pm North
News. 4.20 The Flying Kiwi. 4.50 Sport
Billy. 6.00 North Tonight. 6.30 Police
News. 6.3S Crossroads. 7.00 It's
George! 10.30 Bizarre. 11.00 Parents and
Teenagers. 12.30 am North Headlines.

10.30 Scene ’82. 11.00 Happy Days.

HTV Cymru /Wales — As HTV West
except: 11.22-11.37 am Am GymiJ.
12.00-12.10 pm Mwsti. 4.15 Fanfare lor
Young Musicians. 4.45 Sir. 5.10-5.20
The Undersea Adventuraa ol Captain
Nemo. 6.00 Y Oydd. 6.1B Report Wale*.
6-30-7.00 Sports Arena. 10.30-11.30 All
Kinds Ol Everything.

To Coast (continued) 6 -35 Crossroads.

7.00 Emmerdelo Farm. 10.30 Enterprise.

11.00 Parents and Teenagers. 12.30 sm
Company.

GRANADA

SCOTTISH

1.20 pm Scottish News. 4.20
Unaccustomed As I Am. 5.20 Cross-
roads. 6.00 Scotland Today. 6.20 Body-
line. 630 Now Yog Soe It. 7.00
Emmerdale Farm. 10.30 Prtvusw— The
Spavar Conecnon. itOO Parents and
Teenagers. 12.30 am Late Call

TYNE TEES

9.20 am The Good Word. 9.25 North -
East News. 1.20 pm North-East News.
4.20 The Lone Ranger. 4.50 VoyagB to
the Bottom of the See. 6.00 North-East
News . 6.02 .Crossroads . 6-26 Northern
Life. 7.00 Emmeidale Farm. 10.30 North-
Teenagers. 1230 am Postscript. 12.35
B'zaite. 11.05 Come In. 12.30 am Threa
Million and Rising.

CENTRAL

1230 pm The Young Doctors. 1.20
Central News. 430 Sport Billy. 4.46
Jason ol Scar Command. 5.15 Hare’s
Boomer. 6.00 Crossroads. 635 Central
News. 7.00 Emmerdale Farm. 730
England Their England. 1030 Venture.
11.00 Portrait of a Legend: Roy Orbiaon.
1130 Central News.

1.20 pm Granada Reports. 1.30
Exchange Flags. 1.55 Crown Court. 4.20
Here's Boomer. 4.50 Voyage To The
Bottom Of The Sea. 6.00 This Is Your
Right. 6.05 Crossroads. 6.30 Granada
Reports. 7.00 Emmerdale Farm. 10.30
Lou Grant. 12.24 am What The Papers
Say.

CHANNEL

1.20 pm Channel Lunchtime News.

HTV

1.20 pm KTV News. 3.45 Square One.
4.20 Here’s Boomer. 4.45 The Flying
Kiwi. 5.10 Joblme. 5.20 Crossroads. 6.00
HTV News. 630 The Cuckoo Waltz.
7.00 Emmerdale Farm. 10.28 HTV News.

TSW

1.20 pm TSW News Headlines. 5.15
Gus Honey buns Magic Birthdays 5.20
Crossroads. 8.00 Today South-West
6.30 Tele Views. 8.40 On The Wotor
7.00 8onson. 10.32 TSW Late News
10.35 Controversy 11.05 Parents and
Teonaqors. 12.30 Postscript. 1235
South-West Weather.

ULSTER

1.20 pm Lunchtime 4.15 Ulster News.
4.20 The New Fred end Barney Show.
4.45 Schools Challenge. G.1S Radio.
5.30 Good Evening ulster. 6.00 Good
Evening Ulster. 6.25 Police Six. 8.35
Crossroads. 7.00 Emmordale Farm. 10.29
Ulster Weather. 10.30 Bizarre. 11.00
Parent* and Teenagers. 1130 Nows At
Bcdtimo.

YORKSHIRE

TVS

1.20 pm TVS News 2.00 Not For
Women Only. 3.45 Square One. 5,15
Radio. 530 Coast To Coast. 6.00 Coast

1.20 pm Calendar News. 4.20 Span
Billy. 4.45 Little House on the Prairie.
6.00 Calender (Emley Moor and Bel-
mont editions). 635 Croasroads. 7.00
Emmordale Farm. .10.30 The Othar Boat
Race. 11.00 Parents end Teenagers

(8) Stereophonic broadcast

RADIO 1

5 iX> am Ai Rad o 2. 7.00 Mike Reid.

9.00 Sunon Bates. 1130 Dave Lee
Travis. 2.00 pm Paul Burnett. 330
Steve W right. 5.00 Peter PoweH. 7.00
The Record Producers. 8.00 David
Jensan. 10.00-12.00 John Peel (S).

RADIO 2

5.00 in Ray Moore (S). 730 Terry
Wogsn (S). 10.00 Jimmy Young (S).

12.00 Gloria Hunmford (S). 2.00 Ed
Stewart (S). 4.00 David Hamilton (S).

RADIO

5.45 News; Sport. 6.00 John Dunn (Sj.

Dell

8.00 Country Club (S). 9.00 Alan
with The Big Band Sound (S). 9.55
Sports Desk. 10.00 The News Hudd-
Imes. 10.30 Star Sound Extra with
N<Ck Jackson. 11.00 Bnan Matthew
with Round Midnight. 2.00-5.00 era
You and the Night and the Music (S).

RADIO 3

635 am Weather. 7.00 News. 7 JOB

Monti ng Concert fS). 8.00 News.
8 05 Morning Concert (continued). 9.00
News. 9.05 This Week’s Composer:
Ustz (SI. 10.00 Heydn and Barber
string quartet recital (S). 10.46

Music for Harp (S). 11.20 BBC. Con-
cert Orchestra (S). 1.00 pm News.
1.05 Manchester Midday Concert fS).

2.00 *' Jeanne D’Aro Au Bucher "
('Joan of Arc at the Stake '), dramatic
oratorio by Arthur Honegger (SJ. 335
Mozart and Brahms (S). 4.55 News.

5.00 Mamly for Pleasure (S). 7.00
Goethe’s Poetry. 730 London. Circa
1765 Concert: J.’ C. Bach. Mozarr (S)i

8.00 My Job — Lord Carrington gives the
lasr of threa lectures to mark the
bicentenary of the Foreign and Com-
monwealth Office. 9.00 Late Feuri
piano raciul (S). 930 A Century of

Choral Music, recital by the BBC
Singers. Pan 1: Schumann. Kodaly.
Brahma (S). 10.10 interval Reading.
10.15 Recital, part 2i Mendelssohn.
Liszt. Bartok. Kodaly, Brahms. 11.0Q
News. 11.05-11.15 Scadatti (S).

Enquire Within. 12.00 News. 12.02 pm
You and Yourt. - 1227 Bram of Britain,
1982 (S). 1236 Weather: travel: pro-
gramme news. 1.00 The World at One.
1.40 The Archers. 1.55 Shipping Fore-
cast. 2.00 News. 2.02 Woman's Hour.

3.00 New*. 3.02 Afiamoon Th astro

4.00 Home Base. 4.15 Bookshelf. .4.45
Story Time 5 00 PM: News magezma.
530. Shipping Forecast. 5.55 Weather;
programme news. 6.00 News, includ-

RADiO 4

Ing Financial Report. 6.30 Any Answers*
154 It'e a Bargain. 7.00 News. 7.05

6 DO am News Briefing. 6.10 Farm-
ing Today. 535 Shipping Fpracast.
630 Today. 8.33 Yesterday in Parlia-
ment.. 837 Weather - travel.-: 930
News. 9.06 A Good Night . Out.
9.30 The Living World. 10.00 Nawi..
10.02 Town Hill Rulee OK? 1030:
Daily Service. 10.45 Morning Story.
11.00 News. 11 JOB F.I» on 4. 1130

The Archers. 7.20 Time for Verse. 7.30
Kaleidoscope. 8.00 BBC Scottish Sym-
phony- Ore heatra concert: Dshus. Beot-
hoven (S). 8.50 The Other Tigsr Bay.
9.10 Concert, part 2: Haydn. Elgar (S).
9.59 Weather. 10.00 The World
Tonight. 1130 A Book at Betfnma.
11.15 Financial World • Tonight. - 11.30
Today In Parliament. 12-00 News:
By-Election Speciei J ■ 12.15-12.23 am
Shipping Forecast; inshore Waters
Forecast. 12.23-1.00 By-Election Special.

If you don't buy your
computer an ITTdataprinter

Establishing a good line of aammunicatLan
■wifhyaur computer is essential If you're to get the
most out of it

Whidiis-whYirrs

iwoatbcodivelYdesigne _ _

datcgsrinteis are suchgoodnews. ITWfitft CT^OTTIt t^VAVI

Both give you quick and easy access toyaur 1L TvvUL OJ^vVUk Lv JT wUh
computer's facilities.

i^yetbecausetee/iBsoo o mp ac tfceyTldotbis
without takingup too muchpredous desk space.

Despite their small size, yaull fmd them just about
the fastest and most reliable workers in your office,

The aptly named riT 3342 'Swiff for example, has
a working speed of up to 150 diaracteispei second.

And the ITT 3341 'Swallow' Knodoudieitheswith
atop speed of 60 charactersper second

Something else you'll quiddy appreciate is the
veEatflflY of these 2 newderteptintes.

3 h fact they've been designed to fit in with both

Montreal, Canada

Summary of annual report 1981

1981 1980

Shi pmen ts of aluminium

in all forms-(tonnes) 1^47,000 1,588,000

Total sales and operating Millions of US. $

Revenues U.S. $

Capital Expenditures
Capital Employed
31 December
Net income
Long-term debt
Common Shareholders*
Equity -

Net Income per Common
_ Share U.S.$
Dividends per Common
Share USJ$

4,978

974-

5,215

752

5,055

264

0,612

-4161

542

910

2,631

2,463

324

6.70

1-80

L35

Number of Common
Shares

Number of employees

82,652,000 80,893,000
66,000 67,000

■ The recession in Europe, Latin America and
North America brought a reduced level of demand
for aluminium and an erosion of prices. This was
the main cause for Alcan’s net income falling to
U.S. $264 million in 1982 from. U.S. $542 million in
1980. Tbtal shipments of al uminium decreased

by 3% and sales and operating revenues dropped
by 5%.

In Europe, Alcan had significant losses in the
U.K, Spain and Belgium. Furthermore, the
streng thening of the U.S. dollar had a serious
impact on financial results in dollar consolidation.
Operations inFrance, Germany, Italy and Switzer-
land ended the year close to breahevenresults.

Capital Expenditures were a record, of
U-S.$974 million. Of this total, 46% was spent in
N orthAmerica, mostly in Canada.The 1982 capital
spending programme of U.S.$700 million will be
concentrated primarily in North Am erica, Brazil
and Australia.

■ A lcan ’ s confidence for the future is based on
3 fundamental strengths— the inher ent qualities of
the metal for a multitude of applications, the
international scale of Alcan’s operations and the
Company's strong cost-effective largely hydro-
electric energy base. i*

For copies of the Report ^||||

apply to:- Publications Dept, ''

Alcan Aluminium UK Ltd.,

South Bar Banbury.

Oxon 0X16 9XJ.

ALCAN

XU HUM, - — — — - ^ ^ — ^ ^ ^ ^ ^ ^ ^ ^ ^ ^

you X present and future requirements. § j further infonnatim send this

. . . What's more, they both have tabulations, variable I Ba±icqxxPecg5oniTTasineaSv5termiionBiiMinrp i

■ »-*,.J„#v«’«Kl«^«r/vi~forrmmirua€n-irrrfr»rr I Road,HolIll^urV,BliahlOIl Sussex BN1 8AN. !

inargtesettingandvadcblechcffaderandlmespadng. \ i^Haiiingfoury^
.Equally important they're both compatible with j Name.

FT23/3

roost computers available.

Title.

And thev can. also be linked to ITTs sophisticated j company.
newVDUs. * A d d r es s —

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%

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ITT Business Systems,

TTT BoenME Swlcm a 15a ttsaas m-nrnn'TriHfun ana ol SlflHisni lhlwp»v\^ nr,i f ^vm«- p i-

SOUTH AFRICA. MORE THANJUSTA
GOLDEN OPPORTUNITY.

Today's South Africa has become a gold mine in more ways than one. Forward
thinking Government created the climate and infrastructure necessary to
establish a profitable business environment Commitment to companies, both

iaige and small, is positive and far

reaching, resulting in a growing
involvement from overseas
importers and investors.

As a direct result the
new breed of manu-
facturers are
making quality
products capable

of competing in the
market plac

marketplace
worldwide.

For mare information
within your specialist
field, please contact
The Minister (Commercial),
South African Embassy,
Trafalgar Square.
London WC2N5DP,
Telephone: (OL) 950 4488

Telex: 8952626

Trading partners for 300 years.

* i

lr

*1;
i" ■

m

N

•' 1,

>33' (j*

Financial ISmes Thursday March 25 1982

ZmZ

vujWl

VXE TEEs

'^-STER

v CT» *\$HiR£

,, Cmr OF MAWC HESlbH

DIRECT WORKS DEPaRTmOVt

Financial Controller
£15,000-£i6 t 00& p a..

Wo >M on# of tha largest and well
established Direct WbEoitS!
ttone in tbo UK operating a com-
prahensiye building and associated
engineering service » the dtr
Council: 1

The Department Is currently updat-
ing its financial control information
systems together vita other finance
functions to assist ihe Depart,
mem's manegement team.
Candidates will have a proven
record of financial experience In a
commercial environment preferably
in the bo ildmo/mai me nance/e nam-
eering industry combined with an
energsbe end enthusiaeiic person-
ality.

He/she will be directly responsible
to the Director ol the Department
for ail aspects of financial reporting
together with the maintenance of all
accounting standards as required
by the City Treasurer's Department.
Removal and associated '■ expenses
up to a maximum of £ 1,000 payable
in appropriate cases. ■ Car allowance
payable.

The City Council operates a Union
Membership Agreement under
which a new employee is required
to belong to a recognised trade
union.

For an application forth and further
information contact Direct Works
Department fTel: 061-22? 3468 Ext.
230). Salisbury House, Granby
Row. Manchester Ml 7AH. Please
quote rel. 355.

MERCHANT BANKING

c £14,000 + benefits

Control Audit

As a result of rapid growth, the merchant banking arm of a major U.S. bank intends to increase
its management control capacity.

Two recently qualified accountants are required, in the London head office, to Join a team
. responsible for management audits. They will work closely with senior management in developing
review programmes in all operational areas, especially of new products. Candidates should
have audit experience of banks with highly automated' systems and should possess initiative, tact
and other personal qualities to facilitate communication throughout the divisions

The appointments; will provide excellent banking experience in a stimulating environment and
could lead to other opportunities within the organisation,

Please contact: Sir Timothy Hoare

Cbkbester House, Chichester Rents.

f London WC2A lEG.Tei: 01*3425775

A. LIMITED
PERSONNEL CONSULTANTS 1

SENIOR FINANCE POSITION

c. £12,500 p.a.

Middlesex

+ Car Allowance

Our client, a leading company in the computer industry, wishes to .
strengthen its financial function and is seeking to fill a senior financial
post at its Middlesex Headquarters.

The person appointed will account for and protect the assets of the
company primarily in the areas of inventory and manufacturing and
will develop and . implement accounting systems as necessary to
achieve this end. There will be substantial involvement in computer
systems, pricing strategy and the establishment of operating the
budgets. Promotion to the position of Financial Controller is a very
real possibility wi thin six months.

Applicants must have considerable industrial experience in a related
manufacturing environment with previous staff control. The ability
to meet deadlines, adapt to changing priorities and still achieve
under pressure is essential, as is a capacity to establish credibility
at a senior level. A suitable Accountancy qualification is highly
desirable. In addition to a competitive salary, the company offers
'a substantial car allowance, free BUPA and Life Assurance and a
Contributory Pension Scheme.

- If you seek the opportunity to contribute to the overall development
' of this company, then write In the first instance stating in a covering
letter any companies to whom you do not wish your CV to be
forwarded, to:

- ■ Elizabeth A Good child

BAST ABLE PERSONNEL SERVICES
(Recruitment Consultants)

18 Bering Street, London W1B 9AF

Bastable

Personnel Services ■■■■■■■

t. • ■

Management Accountant

Berks/Bucks Border c £m)00 +bonus

A profitable, well established manufacturing company with a turnover exceeding £25 m !
i Wishes-to strengthen its management reporting team. It is the autonomous subsidiary of a .
major public group and produces precision- engineering components which are sold world-
wide.

The successful candidate will be a qualified accountant with several years' experience in
producing budgets, forecasts and management accounts within a medium-sized light engin-
eering or manufacturing environment. He/she will be able' to motivate and communicate
confidently with senior management both in the U K and abroad.

The role Includes the responsibility for controlling the important planning/forecasting
function, thus ensuring that future financial requirements are met. Close liaison with
colleagues in the UK and overseas subsidiaries will be necessary when carrying out budget-
ing, systems development and special investigations.

The remuneration package will reflect age and experience and includes an attractive range
of benefits.

Contact M J Bond ACIS at work (or after hours on Crcwthome 71329) quoting Ref No AA19

Management Personnel

• • Recruitment Selection & Search

2 Eton Court Eton Windsor Berks
WINDSOR £075 353 54256

Financial Controller

S. E. Essex

To £15,000 car

OurcCents, an electrical engineering company, 070 £I2rrt),area WgNyprofitabfesufasiriiary of a
major U.K. engineering Group. The financial Controller, who isa key mem berofthe executive
team, will report directiytn thalocal Managing Director, Supported by a staff of 1 5 r h e/she will
assume total responsibility for the accounting function. Candidates must be quaTtfiecf accountants,
male/femaler aged 30-35 whoare prepared to become invofvedin tire departmenfework,Yet at
the same time be ableto managethestaff and co-operate with other heads of departments.

There areexcdlentopportunftiesforadvancementvvithin the Group. Ref. 1 230/FT.

Apply to R. P. Carpenter, FCA, FCMA, ACIS, 2-5 Old Bond Street London W1X 3TB.

TeL 01 -493 0156.

LONDON BASE (Worldwide travel)

MOORE

£15,000 + CAR + BENEFITS

COMPUTER AUDITOR

Moore Corporation, Canada, the world's largest manufacturer of Business
Forms/require an experienced Computer Auditor. Reporting direct to the
Corporate Computer Audit Manager in the' U.S., the individual must have,
technical competence, preferably an accounting designation, diplomacy
arid good communicative skills.

Operating from London, applicants should be. self motivated with the
ability to- work both alone and in conjunction with financial and computer
audit staff at the Company's many locations. A maximum of 5096 tzdvel
throughout Europe and the rest of the world is envisaged.

Prospects for promotion are excellent in this $ billion World Leader.

Please send applications with curriculum vitae immediately to;.

Human Resources Executive— Employee Services

> Moore Business Forms Limited, 42 The Centre, Feftham, Middlesex,

Financial Director-Designate

Financial Services
to£30000
City

Rapid and successful growth has
identified the need to upgrade the
qua'fly and capable! Ibis financial
function. The company is a leading
fund management subsidiary of a
suostantial financial holdings group.

As a member of the executive team
reporting lothe Managing Director, mis
position takes full responsibility ior
providing an efficient and etieclive
tmance and accounting service.
Beyond this there will be considerable
irsveivementwith planning and
controlling areas ci the company's
ambitious growth strategy.

Success will lead to an early board
appointment.

A ambitious growl! i strategy . Arthur Youn

/\ Success will lead to an early board Rolls House

appointment. Fetter Lane,

Arthur Young McClelland Moores & Co.

A MEMBER OF AMSA IN EUROPE AND ARTHUR YOUNG INTERNATIONAL

Candidates must be Chartered
Accounianls, under 40. who can
demons! rate achievement in both
active departmental management and
influencing business decisions.
Commercial sector experience would
be more appropriate. An enquiring,
creative mind together with an open,
participative management style will
fit in well.

Please reply in confidence giving
concise career and personal details
and quoting reference ER537 FT to
P. J. Williamson. Executive Selection.

Arthur Young McClelland Moores A Co.,
Rolls House. 7 Rolls Buildings,

Fetter Lane, London EC4A 1NH.

OIL AND GAS

EXPLORATION AND

PRODUCTION

Tax Accountant — London

Tricentrol Oil Corporation, with Its expanding world -wide
Interests in oil and gas exploration and production, seeks an
accountant wilh UK. oil taxation experience to join its Oil
Accounting team responsible lor UK based exploraiion and
production accounting.

Working closely with'external advisors the Tax Accountant
will be responsible for conducting the Company's UK based tax
affairs Including the further development of lax administration
and reporting systems. The Tax Accountant will update and be
responsible lor computer based financial planning models used
for tax evaluation and accounting. Various ad hoc assignments
are also expected.

Applicants should ideally be qualified accountants wilh
relevant oil industry experience seeking lurther responsibility
and experience. Good communication skills and initiative are
essential.

Salary is negotiable based on experience together with a
company car and other excellentfringe benefits.

' Please apply in writing or telephone Mrs C Clarke.
Tki central Oil Corporation LtdL Ca pel House. New Broad
Street, London BC2M JJS. Telephone: 01-628 4961.

Tricentrol

Syndicate Accountant
Managing Agency

Lloyd’s

A prominent Lloyd’s Agency seeks an A.CA. or
A.C.CA. to take full responsibility for the accounts
of two substantial Managed Syndicates.

Relevant experience is essential. Age* limit: 30-50.
For further information, in strict mutual
confidence, please contact D. R. Whately. His
private telephone number is. 01*623 9227. The
reference is 53S.

WHATELY PETRE LIMITED
Executive Selection i

6 Martin Lane, London EC4R 0DL

>*3S^

NEW PROJECT
ACCOUNTANT

LONDON

Ourcf cents are a Pu bfic Com pa ny engaged in
property development and construction.

Considerable expansion of Group activities has
provided an opportunity for the appointment of a
New Project Accountant He&he will be respon-
sible to the Finance Directorforinvestigationsand
appraisal of proposals and acquisitions, monitoring
projects, and special financial planning assignments.

This new position affords an opportunity for
career development by making an important
contribution to the future of an expanding group.

Probablya graduate with an accountancy quali-
fication - preferably a Chartered Accounts nt-the
successful candidate will be offered an attractive
salary and benefits including a Company cat

A full description will be sent immediately on
request, tog ether with a careerhistaryform.

' D. Bryan Andrews Associates
Management Selection
St Martins House, 29 Ludgate Hilt,

London EC4M 7Ba Tel: 01-248 8033

Chartered Accountant

Corporate Finance Department

Montagu, Loebi, Stanley & Co., stockbrokers,
require a Chartered Accountant- to join a small but
expanding team in its Corporate Finance Depart-
ment The successful candidate will probably be
about 30 years" of age, qualified, with Corporate
Finance experience gained in Merchant Banking,'
Stockbroking or similar businesses. The right
person will be hardworking, enthusiastic and
able to get on well with people. Salary will be
negotiable and, whilst reflecting the experience
of the successful candidate, will, in addition,
recognise the importance of the position.

Please reply to: :

Mr. R. A. D. Froy
31, Sun Street
London, EC2M 2QP

Hoggett Bowers

Executive Selection Consultants

BIRMINGHAM, CARDIFF.GLASGOW. LEEDS. LONDON. MARCHES TER, NEWCASTLE and SHEFFIELD

Group Chief Accountant

West. Midlands, to£15,000 + car

Promotion with in this diversified British Industrial Group has created a
vacancy fora Croup Chief Accountant. The successful candidate will
be responsible for the total Croup Accounting Junction and ensuring
compliance wilh the statutory report mg requirements of .t Public
Company. Applicants should be qualified accounianls and able to
demonstrate the discipline necessary to work within light reporting
schedules. Maturityaud experience are more impori ant than youthful
aggression. Conditions of employment are good and relocation,
expenses are available if required.

R.R. Varley, Ref: 351 90/FT. Male or female candidates should
telephone in confidence for a Personal History Form 021-622 2961,
Albanj' House. Hurst Street, BIRMINGHAM, B5 4BD.

Chief Accountant

N. Hants • Service Industry • £12,000+ car

Our client, part of a British group
with an international spread of
activities, is a medium sized
company providing a range of
specialist services to industry and
commerce. Reporting to the
Managing Director you will be part of
a small , young, high calibre team
responsible forthe profitable
management of the business within
a group that encourages a high
degree of local autonomy
Functional responsibility includes
a department at the Southern Head
Office together with a smaller
department at the Scottish site.

Much of the basic accounting
routines are computerised though
one of your key objectives will be the
development of improved
information reporting t „„

systems. ffjZJ

The post wilt be attractive to
qualified accountants in their early
30’s looking forthe opportunity to
manage a complete finance function.
The selection process will concentrate
on identifying those who, in addition
to offering proven accounting compe-
tence, can contribute to the company's
overall commercial decision making
process. A service industry
background would be advantageous.

A fully competitive fringe benefit
package is associated with the
appointment

Candidates of eithersex should
apply in confidence, with full career
details and quoting ref.414/FT to
Johnson Wilson - Management
Search, 67 High Street,

Winchester Hants, or
_ telephone Winchester
I W (0962) 33ia

reiepnone winene

Johnson mm
Wilson ssstf*’* 1

Taxation Specialist

City c.£15,500+benefits

One oi the country’s foremost financial enterprises has a vacancy
in its Group Taxation Department tor a Taxation Specialist: the
responsibilities will include assisting parent and subsidiary
companies with corporate tax compliance, planning and advice.

It is envisaged that applicants will have specialised in corporate
taxation lor a number of years alter qualifying as an Accountant,
but candidates with experience as an Inspector of Taxes will also be
considered.

The initial remuneration will be in the region indicated and other
benefits are in fine with the best in the financial sector including
non-contributory pension scheme, low interest rate mortgage
facilities and prolit sharing.

Applications enclosing a comprehensive curriculum vitae should
be sent to the address below, quoting Ref: 239/6/FT, and
indicating in confidence any companies to which your application
may not be sent.

Charles Barker

MANAGEMENT SELECTION INTERNATIONAL CTD.

30 Farringdon Street; London ECU 4 EA. Telephone 01-236 0S88.
mimimmmm MANAGEMENT SELECTION - EXECUTIVE SEARCH

ACCOUNTANCY

APPOINTMENTS

RATE £29.00
per single column
centimetre

EUROPEAN MANAGEMENT REPORTING

We are a small but expanding firm of management accountants
■with substantial American and European clients.

We are seeking an accountant, probably qualified, aged 25-30, to
join our team in central London. Particular qualities needed are:

— the technical competence to cope with a wide range of
accounting situations

— the ability and desire to work abroad without dose suuen.
vision for much of the year

— a developed sense of tact and diplomacy

— a flair for European languages

If you think you can meet the challenge of this jog
please ring Geoffrey Bush A.GJL on 734 9131

Financial Times Thursday Murcii 2.> 1»S2

SWl

S Tim,

South-East
c £17000+ car

The company is a UK market
leader in providing specialist industrial
services, it has an excellent growth
record and ambitious plans for future
development Including acquisitions.
To prepare for this expansion, it is
strengthening its finance function.

. Reporting to the Financial Director,
the job takes responsibility for
accounting and financial controls,
management reporting, treasury,
taxation, budgetary control and
forecasting. Particular challenges
Include developing the use of financial
information by line management and
upgrading the quality of the accounting
function. Relocation assistance will be
provided if appropriate.

Candidates must be qualified
accountants, aged 31X55 with
controllership experience ideally
gained in a multi-site operation.
Experience of managing change, staff
development and management
education isrequired. Effective
communication ability and initiative are
essential personal qualities.

Please reply in confidence giving
.concise career and personal details
and quoting Ref. ER 536/FT to
I.D. Tomisson, Executive Selection.

a information by line management and

/\ upgrading the quality of the accounting Arthur Youi

/Sp\ function. Relocation assistance will be RoflsHoua

* "■ ■ V provided if appropriate. Fetter Lane

Arthur Young McClelland Moores & Co.

A MEMBER OF AMSA IN EUROPE AND ARTHUR YOUNG INTERNATIONAL

Arthur Young IlcCMIand Moores &Co.
Rofis House, 7ftofls Buildings,

Fetter Lane, London EC4A1NH.

ACCOUNTANT

LLOYD’S BROKERS

c £16,000 + car and bonus City

A small firm of XJoyffs re-insurance brokers, with an overseas subsidiary and underwriting
interests, requires a Chartered Accountant, probably aged 30-45. He or she will take
responsibility, with, a s ma rt team! for accounting for the company which has an in-house
computer. t

Candidates must have a good knowledge of Lloyd’s accounting procedures. The firm has .
enjoyed steady growth, has plans for expansion and offers excellent career prospects for
someone with the right professional and personal qualities.

Please apply to Sir Timothy Hoare,

Chichester House, Chichester Rents,

Career

■rnLani

London WC2A ffiG.Td: 01-342 5775

limited

Office Manager

Accountant

New position
North London
To il7,00&+

Being the largest ami most
profitable in-store promotion
company within the UK pro-
gressing rapidly into , the
import/export and manufac-
turing field we find ourselves
ia urgent seed of an office

manager/ accountant to take

total control of the day-to-day
running of our extremely
busy office. All applicants will
require enthusiasm, drive,
excellent commercial sense,
unbridled determination and
potential to reach director-
ship level within', two years.

Pteose phone:

. Bob Robertson. MX) on
01-348 1000

PRDKEUNE (IMPOSTS)
LTD.

Duke House
39 Quenunore Road
London N4 4QT

MULTI BILLION FMCG £20k package

International audit supervisor’s role carries S0%
worldwide travel, and full exposure to senior
management. Corporate audit experience Ideal,
but financial background, fluency in French
and/or German and accounting qualification
.essential, if you are 30-35 with communicative,
skills and an eye for business the prospects are
-excellent. - LONDON BASE

TOP ANALYSTS . CJE13.000
Major US Oil Group seeks ambitious
young Graduate/quallfied account-
ants for its systems and operations
departments. Suitable applicants
will have good computer experience
gained in a large company environ-
ment and be able to communicate
effectively with Senior Management.
Excellent prospects. Cm LONDON

CHIEF ACCOUNTANT £13/100 + car — u LONDON BRuAI

A chain of specialised department stores seeks a A m «rke

highly motivated, mature accountant, aged 30*. 3 un, d u<

to head its finance furtctloh. Experience of the A 2 :ount

retail sector in a rifuTtrbra’flffropa'atrofns‘pte-~ — — tnecomp

requisite for any applicant Career prospects are r ' ,n

excellent for enthusiastic self starters seeking a
go ahead environment. . j- jC. LONDON

•LEE HOUSE.LONDmWALUE^. 01-606 6771

■EiulfiJml

ENFRANCAIS? £T2,000+fu II relocation

50% Paris/Belgium, 50% -UK base, plus trips to
Germany, Italy and Scandinavia, carrying out
an Intensive mixture of financial, mana^ment
and computer audit. Oversee the integration
and development of ail European systems.
Graduate ACA’s with fluent French and outstan-
ding management potential, for international
subsidiary of US Corporation. HANTS BAS E
BROAD EXPOSURE . £11,000

A market leader In electrical components offers
a unique opportunity to a young Chartered
•Accountant; Principally involved in reviewing
the-company's international operations you will
work closely with commercial management and
have considerable contact at Director level. This
varied group role also offers the attraction of
Overseas travel. N. LONDON

ROBERT HALF

RECRUITMENT & SEARCH- CONSULTANTS

FINANCIAL

CONTROLLER

Central London c. £9,500

We are seeking to recruit a recently or newly-
qualified graduate accountant to work closely with
the financial director on all aspects of this company’s
accounting, financ ial apri adminis trative affairs.

We are an expanding; consultancy, with offices in
London and New York, specialising in economic
advice to the metals and mining industries
throughout the world. ’

The successful applicant will become a member of
an excellent contributory pension scheme and will be
eligible to join the company’s profit participation
scheme. •

Apply tetfft. curriculum vitae to:

The Financial Director
COMMODITIES RESEARCH UNIT LIMITED
31 Mount Pleasant, London WC1 0AD

Financial Director

Circa £25,000

forecasting, taxplanning, data processing, cash management, company reports
and accounts. In addition, knowledge of financial institutions and acquisitions
xvil l be an advantage-. Most iznportau tlyjiowever. applicants must be energetic
and resourceful and have-the. personal i ty. to occupy the top fin a nci al position in
aprominentpuhlic company. The salary is negotiable and there will be a car
together with BUP A membership . free life cover and contributory pension,
scheme. Location is a pleasant provincial city-in Sout he m Eng la nH .

-Please forward-own CV direct to Koggett Bowers who will forward all
applications tothe clients. Please indicate any companies to whom you do not
_ .wish to be identified. JH.E.Davies, Ref; 37274/FT. 01-734 6852,

• /SuffierJcmdHause, 5/6 Argyll Street, LONDON, WlEGEZ.

Imperial Group titrated,' Saccofte & Speed Limited has recently extended
its operations in branding, wholesaling and retailing of wines and spirits to
include confectionery, tobacco and newspaper retailing.

Following the promotion within the group of the curent jobholder.

Sacco ne & Speed is nowseeking to appoint a successor who will make a
positive contribution to the growth of the business. .

Reporting to the Deputy Chairman & Managing Director, thesuccessfu! -
applicantwiD be responsible lor the finance and accounting fonction, with
particular emphasis on the further development of management
infomatioasysteros. budgetary control and business planning.

The position calls fora qualified accountant; preferably a graduate, with
extensive commercial experience and a proven record of business
achievement Aged32-45 the successful candidate will have a positive
personality and be a self-starter with a highly developed ability to initiate
and implement decisions. ■

The remuneration package will include a car and other attractive benefits.
Assistance will be given withhousing relocation^ appropriate.

. PleaseapplywifofonCLV.ta: • i ;

SACXONE& SPEED

Mr. J. Shaw. Personnd. Development Manager,
Anchor Terrace, Southwark Bridge, London. SE1 9HS.

INTERNAL

The Chevron Croup of Companies are engaged in
Europe in all major segments of the oil industry
including, the exploration for, and production of
erode oil, and t*ie refining and marketing of a
complete line of petroleum- products.

We need a qualified accountant, or experienced
auditor, to join the UK staff of our expanding
European Internal Audit Team. Our company
recognises the importance of a strong internal
audit function and provides : the prospect of a
challenging career in auditing with the additional
opportunity for movement into line management
The post will be based in London with some UK
travel involved and possible audits overseas. The
successful candidate will require the ability to deal
with top management and a large degree of
independence. .

We offer very competitive remuneration including
an attractive benefit package. - -

Interested applicants should unite
with curriculum vitae to:

Mrs. Lynn Pendlebury;

Chevron OD Europe Ina, *

: Southside, 105 Victoria Street,

. London SW1E 6QU ■ . -

J FINANCIAL
^CONTROLLER

Hertfordshire

Office Products - Market Leader

The Company b*sed in HfertfbrdsTiire' is V market leader nunufactur-
iriE and supply*"* a range, pf. branded, stock and bespoke products
to the office ^market Thef* a re' prod action and distribution facilities
- | n ^er locations in t he UK^The C^mpan^ s a m embe r of »jnajor_

As a member of the small management team the Financial Controller
will provide advice and information on all financial, business and
commercial matters and will contribute to important management
decisions. This broad involvement in all areas of the company's
business is stressed and is in addition -to the acceptance of fall
for the- .fin'anciaf and • cash .accounting and . control *
FfciandaT Controller;- Wlf report to the Managing

i DirectVmJ -

■; Th . _ erSO n selected to fit 1 this ipqsition will be a qualified
’ accountant wjtb; a strong commercial awareness, together with an
^hirrrv to’ maSe^nd 'communicate .balanced judgements and to lead
the financ^ team. Whils^fee is not a. critical factor, the.prtfereqc*

'■ is for a person Tri their thirties.

’Salary and other conditions of employment will be in keeping with
i the responsibilities of the job. ‘

- Please apply with full career and other details to: .

? Bok A77H Fincnciql Time*, to Cannon Street, EC4P '4BY .

NEW CAREER OPPORTUNITY

Corporate Finance/Stockbroking

We are a medium-sized dry-based firm currently
recruiting newly-qualified A.C.A.S who are interested in
embarking on a career in the financial world.

Candidates must have a first time exam record,
preferably from a Urge or medium-sized firm of
accountants, be articulate, ambitious and have a genuine
interest in finance. Knowledge or experience in these
filed* would be a definite advantage, although in these
fields would be a definite advantage, although specific
training is given.

exountan cy-^P^pla are advising qi cri thiv appoint-
-mint, for further He calls, please contact ‘Janet Chifvers
on 01-836 8411. :

Recruiting for clients. ' : ’

• Te'fepHbnaOl-tod 8411 '

TOHowee^ fit Martini Law l£Dto^ ,

FINANCIAL CONTROLLER

£10,000 pins Car

. A successful private group of companies based in the
' West End and in the process of computerising its
financial and costing records, require a young,

. possibly newly-qualified, chartered accountant
Besides extensive involvement in the installation of
the computer, the successful candidate’s respon-
sibility will ultimately include taking full control of
the accounting activities of the group, ^ ir m .
If this opportunity appeals to you. please write,
giving full particulars of yourself and your recent
experience, to: .

■Box A.7S1S, Financial Times
10 Cannon Street , EC4P 4BY

FINANCIAL
DIRECTORS

ACCRINGTON OR STOCKPORT
5 FIGURE SALARY + CAR

The Packaging and Labelling Corporation of B.P.C.C. wish
to recruit two Financial Directors — one for each of its label
printing companies, Jas. Broadley Limited and B. Taylor
and Co. Ltd. ......

The successful applicants will: ■

Be . qualified accountants aged 26+;

★ . Hold s enio r financial' management positrons' or ,be

chief accountants in a manufacturing or «-^ m r ne r , ^ aJ
operation;

★ Have sound experience and considerable ability is

. fin a nci al and management - accounting-. • -

ic Be capable and decisive managers.

These interesting and challenging directorships attract
competitive, salaries and appropriate benefits.

Please respond in writing, with curriculum vitae, to —

For Jas. Broadley Ltd. For B. Taylor and Co. Ltd.

G. W. Holehouse J. D. Braxnwell- .- .

M anaging Director Managing Director

, Clayton Works 1 Milton Works

Clayton Le Moors Battersea Hoad

Accrington BB5 5EA Heaton Mersey Industrial Estate
, Stockport SK4 SET '

Member of the British Printing and Cornirulmcgtion
• Corporation Pi.C.

I

Group

Development
Accountant

c£13)000pluscar

HP Bnlnwr Holdings has - • ■ ■ -

■ adDvradaoidspcnvfhasd

*h<if ,,t, TpO i rTmafr

- aewdavclopmemop p o umu i i as.

For Qte career adodad _ :
qnbSedaccoiimuatbfiiBaii . . '
MB l U i l tH » jr"Tf *bii« - ” •
a iwUo cBS esi i m in , .
V ad mia toptod na fiel ds.

AppBc*m»’*hoaldbeintho
2S-3SagebnckK,widitWoar
MOTnMpOK(|Bl llWpitl on

In » .

lirg> IntiFWiilorcOBuiiwJcal ■

' Wlw lfQ lll 1 14*0 lf_

Specfficasks wfll todade the - -
codUiiMOaiiof Qxmzp ful
p l ann i a g;evalimfa»iof ...

devatopmenl projects and
adtisisff cm potential besmanc
opput tun l i i w i,

CbndidansafenipioyinffiaaiB
excellent end incfade: fimndat •.
asriaianoa ’gfahieiocaOpg.

eapeanes to tUs amactire pan of
thecatnnzyrpartichMniaaiagzoQp
profit dating scheme plug other
tuge aantpCaf benefits.

Pteaee vsnte, qivmq
comprehensive details of your
career progression lo dale, to:-
RdxnCxrrqx, CcaanuncUlBinctoi;
BPBntmarHa]diime.plc,

The CSder «QIls, Plough Leu,
Hmfnd.SMOLB..

S J Bulmers 7 , Cider
and a lot more besides

ACCOUNTANT REQOIRED

For Newly-Formed Finance Company
- in London W.l.

Applicant inust liavo adequate profess ionaT quaRfication and wide
experience of commercial banking in Africa, and the Middle East
including all aspects of th* finance of international trade, including
documentary credits; Fluent English and Arabic' essential. French
advantageous. Salary negotiable according to age and experience.

Write Box A7811, Financial Times
10-Cannon Street, EC4P.4&Y. .

- cLLERMAN- LINES- PA.C ~
LONDON

• c. £12,000 plus Car • '

GROUP FINANCIAL
ACCOUNTANT

THE GROUP as-v-.

Brains- Shlpp,nB * Traneport, Travel end

THE JOB Randal Controller,

rMwSSf^fhf S llAe “ un “ nt wW-b"

• • Praparatum and oraduc-

»«ouna for the

. dlwwlS5f^H l , ^i n fnv olv®d.ln

So on ewount-

. ■ SJL H f3 ct,c “v ettndarda, and an the

development* la to*

SstsaaBvLflrf
WMJMSS1- ' ,5 v sS!

the person . aag garartfia*;!

quilifieedon expen«jicv. WhHe

iHtteprohmai jSSSa *

r . •. Oem/ktetes shouftf apply tor . .
Mrs. Pauline WyatbJngnm.
Head Office Personnel Manage
Bwmwii Lines Limited

1 H 0 Camomile sthwt

l««ion EC3A 7EX

Financial Times Thursday March 25 1982

15

PROJECT FINANCE

c. £12,500.

+ Extensive Bank Benefits -

Due to an active programme of project finance
expansion, our client, an established Merchant
B a nk , seeks to recruit various accounting, legal or

There will be active involvementin a wide range of
international project financing exercises which
will demand the fbllowing:-

• Professional qualification or rekvent sector

. experience

• Self confidence in client liaison

• Maturity and ambition

. • Innovation and the desire for limited
overseas traveL

-An-attractrve salary plus generous benefits are cm
offer for the successful candidates within this
prestigious and interesting area of finance.

Applicants should contact ROGER TIPPLE
or NICHOLAS WATERWORTHoa
01242 0965 or write in strictest confidence to
Banking and Finance Division, Michael Page
Partnership, 31, Southampton Row, London
WC1B5HY.

Initial contact will give the opportunity for
informal discussion within or outside normal
business hours.

Michael Page Partnership

Recruitment Consultants
London Bi rmingham Manchester

International Banking

Business Development
Manager

We are an expanding international bank looking
for a manager in London to develop the UK
private client market

The task will be to create a UK banking business
complementary to our substantial existing
London-based international private clientele
business. Candidates should have experience
In marketing financial services to individuals
and professional firms and should have the level
of capabilities associated with a rising merchant
banker or a manager of a main branch of a
commercial bank or building society.. . .

The successful candidate will already have
achieved considerable responsibility but will
be looking for ftie opportunity to assume
direct personal responsibility, for marketing,
managing, innovation and profitability m an
expansionary environment

Salary negotiable plus fringe benefits

Apply to Vanessa Hunt, Personnel Manager
TRADE DEVELOPMENT BANK
1 21 Aldermanbury, London EC2P 2BY

^Corporate '
ilPlanning Assistant

The Director of Corporate Planning of a multinational
Group wrth activities in metal trading, smelting,
diversified manufacturing and service industries now
requires a third experienced Corporate Planning
Assistant.

Suitable candidates will be in the age range 30-35
with a resource related first degree, preferably in
metals orientated Geology or Mining Engineering,
and an M BA from a prominent school. Experience wrfl
include some years in a natural resources
corporation involved in business or project planning .
related to new ventures, and possibly in marketing. A
second fanguage would be preferred with the priority
order German, Spanish or French.

The position is City based and win carry an attractive
salary and benefits package, with relocation
assistance where necessary.

Applications with full details of education, experience
and present salary should be sent to the Group
Personnel Manager, Amalgamated Metal Corporation
Limited. Adelaide House, London Bridge, London
EC4R9DT.

Amalgamated.

Metal

ICorpcaratioiz

FINANCIAL

DIRECTOR

required far an old-established and rqpowned business, with high
growth opportunities well exceeding present turnover of £Bm in
Home Counties, easy reach of London.' Must be a qualified
accountant and willing to invest so as to take up -a fair propor-
tion of the equity on a' share option basis, to ensure interest' and
participate in eventual public flotation of company.

Appointment to Board 'will carry responsibility, supervising
present management of the entire finance and accounting furic-
•tions, implementation of present computer systems, with
emphasis on ensuring more efficient- us* of company’s resources
through, soundly-based financial planning and control and playing
a major part in all operating decisions.

Excellent opportunity of a stimulating and rewarding top
appointment at salary circa £18.000 + car and all the usual
benefits. Help with relocation if required.

Please reply In complete confidence, giving concise career and
personal detdiltand amount of investment envisaged to:

Box A7792, Financial Times,- fO Cannon Street, ECiP 4BY

JOBS COLUMN

How universities ‘add value’ to students

BY MICHAEL DIXON

“ ITS HARD to know -whether
you're' making silk purses out
of sows* ears, or sows* ears out
of silk purses, or not making
muck difference either way.”

Since hearing that lament
from a university vice-chan-
cellor more than a year ago.
the Jobs Column has been keen
to help. The accompanying
table is the result Its aim is
to give a rough idea of .what
might be termed the value
added to undergraduate
students by each of the 42
universities in Britain.

Let it be understood right
away that the measurement has
many deficiencies (HI outline,
them in a -minute or two). Even,
so, it seems to be the only
means available of indepen-
dently assessing one important
aspect of university education
which costs the British public
more than £lbn a year.

One way in which universi-
ties vary Is in the so-called
intellectual quality of the
students they take in at the
start of their undergraduate
courses. Another variance lies
in the relative difficulty each
institution's students .have in
finding jobs they want to keep
after they complete their
degree studies.

The main aim of the table
is to indicate for each ; univer-
sity the difference between
tiie quality of its entrants and
the success— or, rather, lack of
failure — of its leavers in the
employment market In that

restricted but important sense,
the difference reflects the value
added to its undergraduate
students by the institution,

It is only a relative measure,
of course. The university whose
students generally have the
greatest worth in the jobs
market is Cambridge. But since
Cambridge also seems to attract
the highest quality of entrants,
the difference between the two
factors is relatively small and
so Cambridge has a low rank-
ing in the table. Essex, on the
other band, apparently has the
lowest quality of iDtake. But
since Essex University’ gradu-
ates seem fairly good at getting
jobs, its value-added score is the
best of aH.

Now to the details, ami the
deficiencies.

The first column after the
institutions' names represents
the quality of intake. This is
based on the average score in
the Advanced-level school-
leaving examinations gained by
each . university's new under-
graduate students in 1978. The
score is worked out by counting
five points for an A grade in
the exams, four for a B, three
for a C. two for a D and one
for an E. The figures in the
column show by how many
points the average score among
the entrants to each institution
exceeded or fell short of the
average score among all A-level
entrants to all the universities
in the same year. This national
average was 9.7 points.

One deficiency here is that
the A-level scores are for new
entrants in 1978. The students
who went in at that date are
not the same people whose job-
finding record is assessed in
the next column of the table.
They mostly entered their
courses in 1977. But I have
been unable to obtain A-level
scores for that year, and a
comparison of each institution's
score in 1978 with the' scores
of the two subsequent years
indicates that they change only
marginally over time.

Another problem is that the
“ quality of input ” scores leave
out of account entrants who
have not taken Advanced levels.
This particularly affects univer-
sities north of the Border,
many of whose students took
the Scottish higher school-
leaving exams.

The A-level data, however,
is the only input measure avail-
able.

The next column relates to
students of United Kingdom
nationality who completed
their bachelor-level degree in
1980. The basis is the propor-
tion of those whose where-
abouts were known, who at
December 31, 1980, were either
still seeking work, in a job
they expected to last at most
a further three months, or not
intending to be conventionally
employed.

The figures in the column
show hy bow many percentage
points each university’s pro-
portion of ** at best short-term

employed " exceeded or fell
short of an average whose value
is zero. This (which I explained
fully qn January 21) compen-
sates for the fact that some
universities produce more
graduates in highly employable
subjects such as engineering
than others do.

Nest, by courtesy of the FT
statistics department, comes
the indicator of value added.
First my colleagues calculated
how much, in terms of standard
deviations, each university's
input score and output score
was above or below the res-
pective mean. They then sub-
tracted the input result from
the output result so as to show
the value added. The fact that
an institution's indicator is a
minus quantity does not. of
course, mean that it is taking
silk purses and making them

into sows’ ears — or not neces-
sarily so. anyway.

The final column shows how
much each university's teaching
was valued by the University
Grants Committee, in terms of
Ihe change the UGC has stipu-
lated in the different institu-
tions’ number of full-time
students from the UK and other
EEC countries.

Of the eight due to suffer
cuts of more than 10 per cent,
seven are in the top half of the
value-added ranking. But 1
won’t make any further com-
ment about that: Til leave it to
universities like Aston and
Salford.

Batter {+) or worms {-} thin avsrags In:
A 8

UGC change

Unn atfvanwd-
M *eora
frfiwwflttiy

Banking 1978

JoMlnding
•com of

UK graduates
1360

Indioator
ot raUttv*
"value addsd"

matudmt
numbers
198084
■ ■

1

Essex

- 3.4

+ 2.6

+ 2.46

- 43

2

Aston

- 25

+ 3.1

4- 2.03

-223

3

Brunei

~ 24

+ 2.1

+ 135

+ 0l4

4

Dundee

- 1JS

+ 4.4

+ 1.73

— 0.4

5

Salford

- 2 J9

+ 0.4

+ 131

-30.0

6

City

- 13

+ 4.1

+ 133

— 53

7

Glasgow

- OS

+ 53

+ 1.46

- 33

8

Strathclyde

- 2.0

+ 1.4

+ 131

— 43

9

Newcastle

- 1.1

+ 23

+ 0.94

— 43

10

Heriot Watt

- 1.0

+ 2.0

+ 034

-133

11

Surrey

— 1.5

+ 0.7

+ 033

-143

12

Exeter

— 0.1

+ 4.1

+ 0.79

- 23

13

Birmingham + 0.6

■+■ 5.7

+ 0.75

+ 03

14

Stirling

- 1.9

- 0.6

4- 0.75

-183

IS

Bradford

- 13

- 0.6

+ 039

-19.0

16

East Anglia

- 2.4

- 2.1

+ 039

- 3.0

17

Wales

- 1.9

— 1.1

+ 032

— 7.0

18

Bath

+ 03

+ 5.4

-F 036

+ 20

19

Loughbro.

- 0.6

+ 0.6

+ 034

- 3.0

20

Aberdeen

- 13

- 13

+ 0.17

— 4.0

21

Hull

- 13

- 33

— 0.05

-173

22

Liverpool

- 0,2

+ 0.4

- 036

- 20

23

Warwick

- 0.7

- 13

- 0.14

- 1.0

24

Leicester

- 03

— 1.0

- 031

- 33

2S

Kent

— 13

- 4.7

- 032

- 7.0

26

London

0.0

- 13

- 039

— 3.0

27

Durham

+ 2.1

+ 33

- 033

- 4.0

28

Leeds

0.0

- 13

- 0.65

- 23

29

Manchester

+ 0 A

- 03

- 0.65

+ 03

30

Nottingham + 0.6

- 03

- 0.70

- 4.0

31

Lancaster

- 1.2

- 53

- 0.84

- 7.0

32

Cambridge

+ 3.9

+ 73

- 0.92

- 23

33

Kceie

— 2.7

-10.1

- 139

-17.0

34

Sheffield

+ 03

— 2.7

- 1.T2

same

35

Southmptn.

+ 1.1

- 0.9

- 1.19

- 03

36

Oxford

+ 3.4

+ 4.7

- 132

- 3.0

37

Edinburgh

+ 13

- 2.1

- 1,41

+ 0.1

38

St Andrews

+ 03

- 23

- 1.45

- 73

39

Reading

+ 0.1

- 4.9

- 134

- 53

40

Bristol

+ 2.4

+ 03

- 136

- 4.0

41

York

-r 03

- 5.9

- 233

- 03

42

Sussex

- 03

-13.0

- 338

- 53

ACCOUNTANT c£l 2,000

An opportunity has arisen for a qualified accountant to j'oht a professional North
American financial institution. Duties within a regional area would include consolida-
tion of accounts. standardisation, computerisation and some project and long range
forecasting work. The successful applicant will be solely responsible for all duties
performed and reporttothe Financial Controller. Age 26/34.

Please contact : Paul 7 rumble

FX DEALER Sa fa ry negotiable

To join North American bank as No. 2, requirements ere a mature approach and
attitude with the willingness and ability to train others. Dealing emphasis on the $/£
spot and forward.' Age early 30’s

Please contact : Paul Trumble

LOAN ADMINISTRATION Salary negotiable

Leading international bank seek a banker with good experience of Joan administration.
This must include day-to-day activities (drawdowns, rollovers etc), and also Lead
Manager experience, conditions precedent and some documentation. Applicants must
. be eitfier fluent in German or French and be in their early twenties.

Please contact: Brian Gooch or Diana Warner

ACCOUNT OFFICER c£io ,500

The London Branch of a European Bank which aims to offer a high standard of
Banking services to individual and commercial clients wishes to appoint an Account
^Officer. Duties .will include account servicing in ail its -aspects, including lending:
He/she will have the responsibility for the management of a section of the bank’s
U.K. clients. The successful applicant will probably be aged under 30 with a number
of years in commercial banking including the negotiation and control of lending.

Please contact Richard Meredith

BANK RECRUITMENT CONSULTANTS

170 Bishopsgate • London EC2M 4LX • 01 6 23 1266

i

Managing Director

ENGINEERING

Midlands

£ 20 , 000 +

Thisisa manageriatend entrepreneurial role, with total responsibility for
the profitable expansion of the autonomous subsidiary of an international
Group, manufacturing a branded range of engineering products, and sell-
ing world-wide to the process, petrochemical and power generation
industries-There are about 100 employees.

You should have successful senior management experience in a small or
medium-sized manufacturing engineering company. Aged 35 to 50, you
will preferably bea professionally qualified engineer.

Benefits include car, pension scheme, and relocation expenses. Base is a
pleasant area of the Midlands. ;

Men and women are invited to write in confidencegiving career details,
age and current salary. Please include yourte/ephone number and quote
417 6/ FT on envelope and letter.

urwick

Urwick, Orr& Partners Limited

Baylis House, Stoke Pages Lane. Slough SL1 3PF

London representative for
Australian merchant bank

I

Wb are looking for an individual who has recently retired or is about to retire
Item a sen tor position in banking, merchant banking or an accepting house and
who is weH known in the City, where he/she will represent an Australian
merchant bank of very strong parentage. '

Interviews wiH be conducted in London In early ApriL

Resumes including a daytime telephone number to Stephen Bianey. Executive
Selection Division, Ref. B036.

Coopers

&Lybrand

associates

Coopers & Lybrand Associates Limited
management conaitants

SheSsy House Noble Sreet
London EC2V7DQ

SAVE & PROSPER GROUP LIMITED

Stockbroker Liaison

Save & Prosper Group is Britain’s leading Unit Thist group and also has a full range
of insurance and pension products and oflshore funds. We have been retained to help
them find a key executive for their Investment Services Team - currently numbering
three - which liaises with Stockbrokers and certain other Investments Advisers in
London and throughout the UK. The person appointed will work primarily in the City
but will also have a brief for certain brokers outride London.

This is a most exciting role for a stockbroker who wishes to break away from the
traditional private client career pattern and develop his/her skills across a broader-
dient range in a highly professional atmosphere. A sound knowledge of modem
portfolio management and the many vehicles now available to the investing public is
essential. The ability to communicate effectively is ofkey importance as isaprovenand
established track record. Preferred age 30-45-

A generous remuneration package is proposed totalling c £20.000. including a
company car. non-contributory pension scheme and performance related bonus.

Please contact, in the strictest confidence, the Company’s adviser in this matter,
Colin Barry, at Overton Shirley and Barry. (Management Consultants ). Second Floor,
Marlev House, 26 Holbom Viaduct; London EC1 A 2BP. Tel: 01-353 1 SS4.

Overton Shirley
and Barry

A unique opportunity
for young

Financial Executives

to join a leading financial group in London

finance for Industry pic is expanding and de-
veloping its head office unit which deals with
development finance ior lame companies,
mostly public, in die Uni red Kingdom.

Asa result, two interesting opportunities have
arisen for young qualifiedaccountants tojoin
the small teams of Senior Executives within the
unit. Each team is responsible ton
— Actively promoting the services of FFI in the
Gty and elsewhere;

- Appraising potential investments which will
include both loan and equity'; '

- Negotiating the appropriate toms for these
lex transactions;

with die subsequent documentation.

The successful applicants will be graduate
Chartered Accountants, with good technical
skills and some experience gained in a merchant
bank or die profession.

Career advancement will depend on evidence of
sound business judgement and the necessary
personal standing to participate in highlevd
negotiations with principals of large companies
and their professional advisers.

Initial salaries will be very competitive, and the
generous benefits include a car and others com-
mensurate with the financial sector:

FFI

Please write giringfull details of expend tie, salary and career to date to:
Mrs.J. A. Bitdestonc, Personnel Manager, FFI Divisions
Finance for Industry pic,

91 Waterloo Road, LOND ON SE18XP.Tel: 01-928 7822.

Insurance Finance
Marketing Officer

The Chase Manhattan Bank, one of the largest US banks based in
London, is expanding its range of commercial banking activities with the
insurance industry and is anxious to appointanadditional marketing officer
in this fieid.The position would be of interest to an individual with US bank
credit training who has knowledge of the full range of loan and non-loan
bank products, and experience of marketing these eitherto commercial or
finanda! institutions.

This is a new appointment and offers considerable scopeand oppor-
tunity of development for an individual with technical expertise, ideasandthe
motivation to develop this important sector in the framework of this banks
overall product marketing strategy.

A competitive salary will be supported by the wide
range of benefits you would normally expect from a major
international bank.

Please write with a comprehensive C.V.to: Rosemary
Swift, The Chase Manhattan Bank, NA.Woolgate House,

Coleman Street London EC2P 2HD.

This position is open to
both men and women.

— ■

Financial Times Thursday March 25 19S2

EXECUTIVE SELECTION

-We are a well established specialist Recruitment ^Consultancy with an
acknowledged reputation and a record of successful achievement in the

UK and Overseas.

In line with oar development plans, we would be interested to hear from
able and selfrmotivated - individuals with several years' professional
recruitment experience in any one of the following sectors: *

Banking ■ Accountancy - Marketing - General Management

If you are aged 27-34 with commitment, tenacity and the ability to
combine a strong sense of responsibility with patience, imagination and
good humour, this -challenging environment has the potential for job
satisfaction which few others can match. ■

The remuneration package is. competitive and includes salary, bonus;
car; health scheme and luncheon allowance.

For an initial discussion, contact .

. Norman Philpdton OJ-248 3812

NPA Recruitment Services Ltd

60 Chcapside-London'EC2-TeIephone 01-248 3812 3/4,5

Equities

The British arm of this major.Wem^Qnal Sfe ftsurance
company manages funds in the region of 2150m, and cash
inflow is grawaTg s^rifcantiy. Iratiany, tfie roie wa frivotve
decision making with regard to equ&y selection and sector
views, as wbB as the general deposition of two mixed asset
funds underthe aegisof the kwestniemDrector.'rherewftbe
substantial contact with companies and the brokers. Sutabfe
candidates in tfie late 20s would haw? three to five yean?
experience in equity analysis, portfolio management orin a
stockbfokffigenvTOrHiien^andshouidpossessadegBeor
otiwprofosswnafqualffication.TheyrTa^haMsagood .
economic understanding, and be aUeto propose aid

€.£13,500

apprise orthodox and novel contributions tohvesiment

Centra London. Safety negotiable atthe level Mated, with
car advantageous mortgage schemes provided.

Vlltite for an appfcafion form or send brief CVto the address
betow, quoting &£ GM26f7930/FTon bath letter and

nabe^AF^S^^ervk^wthlnttwS^^months.
No detaBs are divulged to cfents without prior permission.
Initial interviews wabe conducted by PA Consiflanls. Men
and women may apffy

PA Personnel Services

H)^T^H(X^60aKn^htd]rii%c;L0(KkMSVV1X7lE%l: 01-235 606Qte*ee'27B74

Amemberof MJrtenaffanaf

I

i V'TTl n

''i LS^I 1

U

. •

|

Director of Finance-iLEA

Assistant Comptroller-GLC

£24,933 -£2^096

Whii responsibilities fer an aon oat •
revenue and capital budget of over £800
■million, fee Director of Finance to fee
ILEA is a key appointment.

The postbolder is directly responsible
to Maurice Stone frost in his capacity as
Chief Financial Officer to the ILEA
for all matters connected with the
Authority's finances.

Heading a branch of 20, the Director of
Finance his wide-ranging responsibilities
encompassing the preparation and
presentation of annual estimates an4 the
Authority’s budget as a whole; monitoring
and accounting for expenditure; and the
provision of financial advice to the
Authority and its six sub-commirtees.

Holding fee rank of Assistant
Comptroller in the GLC and to

the ILEA, fee Director of Finance will be

m u .l'.* ■ ■

Li D H H w r • »’

v 1
• V'.'-o

a full member of fee Finance Management
Team which sets the standards fer

■fir\*T«-ial -management and administration

for the Council and fee Authority.

Professional qualifications and
extensive experience of finance within a
large authoriy are therefore prerequisite, as
is fee proven ability to communicate
effectively with Members, education
specialists ynd professional teazling
personnel at all levels.

The Salary will be within fee range
indicated and includes a London.
Weighting Allowance of£l,104.

Further details and an application form,
to be returned by 14tk April, may be
obtained from: Senior Officer Appointments,
MPIFT, Room 334a, Greater London
Council, The County Halt,

London SEl 7PB, or telephone 01-633 6665.

toiiiillsncr.v'ai.

Middlesex

Treasurer

c. £l%500+caretc.

O ur client, is a well known large and expanding organisation in the rapidly
growing data processing and infonnation industry. The UK subsidiary wish to
recruit a competent and’ ambitious Cbartei«d Accountant for the position of
Treasurer due to the promotion of the presen t holder.

Reporting to the UK Controller, the Treasurer will he responsible for the effective
management of company funds and corporate taxation. It is assumed that the
successful applicant will be able to contribute to the development of the company's
overall financial policy.

Candidates for this appointment, male or female, aged 28 to 40 must have positive
personalities and the ability to work with the minimum of supervision. They must also
be able to demonstrate a high degree of motivation and be capable of liaising effectively
with our clients associates and staff alike. This position is well suited to an accountant
wishing .to leave the. profession, as. well as those already in commerce with relevant
experience.

Commencing remuneration will be c£17,500 together with a car and other benefits.
Candidates can make application

by quoting reference MGS/7056
to Michael R Andrews. Executive
Selection Division. Southwark ■
Ttowers. 32 London Bridge
Street, London SEl 9S Y.

nee _

/aternouse

r Associates

Investment

Development Executive

Welsh Development Agency

The role of the Welsh Development Agency is to encourage industrial and
commercial developments in Wales. A major function is providing capital in
... support of existing and new ventures. The Agency plans to Increase this activity.

- The post is a new one in the Agency's investment Department. Its purpose
-will be 10 seek out, foster and develop investment opportunities for the benefit
of Wales. Projects will be taken to the stage where they are acceptable for full
appraisal but not to the point of investment decisions.

Candidates must have a broad business background which includes
considerable experience in investment and marketing.

Salary £16-18,000 plus benefits including relocation expenses. Location; ■

„ _ - At the Agency's headquarters near Cardiff. i

■ ;• -t ■ *' Please write or call for an application form, quoting reference 1289/C,

to David Thompson who Is advising on i his appointment.

O

MANAGEMENT CONSULTANTS
Gds^cn and Co Lid , One Old Bond St.
'London WlX 3TD 01-49988}!

Senior Bullion Broker

Salary c. £35,000

AnpOeapts should be bs unm 35 <o 45 yean <* aoe aod must be capable
<x wtabiishms ami rtmntoa • Bullion Braactes Home lor an kmarautonal
octal trad lop coww a r based in London.'

Eurobond Sales Executive

£23,000 p. 2 . baste + bonus

Major American Bank weeks two Safes EfeKotfee*. oreferabty wttfi an
estairHtjed cTfmt base, to market weir Euroftood ud Fixed Interest
SecarrtJcS services on ftn&r behalf. TO* ideal apotime win have some
relevant experience add be la MsJhor Old 20*s MB) a positive outlook
«nd parfooaPie. artleelat* manoer.

Trader Straights — Yen

£18,000 basic -

A major Cfey bated international bank requires ao-eamcrienced Strafe***-
trader to run a book for them In Yen. A4C preferred mid 20’s with at
least 2 years* trading experience. A Similar tank, offering an equally
competitive salary would like to meet a trader with experien ce of Soatere.

Eurobond Sales/Trader

initially CllflQO basic + incentive bonus

'A Frmxh-Canadiati stocks. house rcouire a Eurobond Safes/Trader with at
least 2 yews’ relevant experience to expand their trading facility. The
sspocaat. when sopoioted. will be rewarded directly pitraortooal to
his/her own efforts with regard to turnover. The long term pros p ec ts for
the right parson are excellent and would, therefore, suit a progressive,
dynamic young executive.

Sales Executive

£14000 -4- fringe benefits

A seif-motivated young aates executive be required to market short term
production aod consumption reports on strategic metal* on behalf of an
International research organisation based in Londoo. The Company have-
■ .substantial client base but would encourage the eXPandloa of Its new

applicant will have both a research related background ss well ns
coverage of the physical commodity enviro nm ent.

In adefftioo to these positions, we hare a variety of position* la Corobonds
offering realistic career opportunities with major avfat leaders. AK
enquiries win be treated with discretion.

For farther details ot these positions, pleas* t i l ili Bp e fed Ponoiar pa
the Bomber below or 01-743 9991 ereatops/wrekaods-

CHARTERHOUSE
APPOINTMENTS 01-481 3188

Europe House, World Trade Centre. London F.l

DR1 Europe, Ltd.

Data Resources requires: -

INDUSTRIAL

ANALYST/ECONOMIST

To participate In the production of regular analyses and forecast*
of tho world automobile industry, as pan of a team of highly qualified
economists end industry analysts.

Necessary qualifications are s strong degree in edonomlca- end well
developed quantitative skills. Desirable attribute* are industrial experi-
ence. particularly in the automotive sector, e second European
language, and the potential to relate to corporate clients at a high
level. ..

Initial salary Is likely to be very competitive. Since the position is
in a high growth arse of Data Resources (the world’s large** and moat
successful forecasting organisation) possibilities for rapid career
developmsnt are expeHenc.

The position offers foretasting end information ficihties which are
probably unequal led; huge end timely databases, specialised software,
ample computer resource*, and support from experienced foiecasters.
There Is, therefore, a substantial opportunity for personal and pro-
fessional development.

Please reply in confidence ro.‘

Miss Alice Barker
DR! EUROPE LTD,

30 Old Queen Street
London SWIH9HP

Union Bank of Switzerland

Incorporated in Switzerland with limited Debility

LONDON BRANCH

requires for its new Dealing-Room

anadditional ... , *.

FOREIGN EXCHANGE
DEALER

Several years' experience in active spot dealing in a
London Bank is essential. Good salary and prospects
offered witfi the usual fringe benefits.

Please appjy in writing to:—

FINANCE DIRECTOR

COMMODITIES

An expanding International commodity trading
company specialising in softs, seeks to appoint a
qualified accountant with experience m commodity
trading- Location'. City. Competitive package
negotiable.

Curriculum vitae please to Box A.7810
Financial Times , 10 Cannon Street , SC4P 4BY

. MANAGING DIRECTOR

Duo to retirement, national fast food
operation soaks a Managing Direc-
tor. Based at our superb offices
at Christchurch, die entrepreneur
would be capable of implementing
a' vary exciting national development
programme in liaison with a small
Board o i Directors, .

PfMtt submit curriculum vitae ro
Mr. W. H. Tansw, Dolphin House.
2 Wick Lam, Christchurch. Dorset

Mr. J. T. Cannon,

First Vice President

Union Bank of Switzerland,

117 OW Broad Street, London EC2N1AJ

j

ASSISTANT MANAGER REQUIRES

For newly-formed Finance Company
in London W.f

Applicant must have a Bachelor of Commence Degree end a wide
experience of commercial banking in Africa and the Middle East
including credit analysis and control and negotiating with ciKConiers.
Fluent English and Arabic is essentiaf,' Frencff advantageous. 'Safary
negotiable according to age and experience.

Write Sox A78I2, Financial Times

10 Cannon Street , EC4P 4SY . .

Solicitor Located in London

- Thf Ttarrfr rtf Srrgfanrf is sedonga SoSdt pr wit h an EngEsK Legal
q naHfieatkm to bcAlanaggofitsLaw^ Department jpI^Mxiop.C an didia)es
should be in the Regroup 30-40 and should have at least 5 years’ post

VTT.rr,;

Hie London Law Department provides a wide range ofl^alsccvfoes for
• rtifrTtanV g npayntions in ‘E ngland including both its Domestic and International
activities. Applicants must be fully conversant with the preparations instruction,
and recording of loan documentation and aU forms of security for advances.
They should also be familiar with bankru p tcy work and an essential
requirement of this position is the provision of Advice to the Senior Executive in
matters of receivership and liquidation.

This is a particularly interesting and demanffing role with considerable
scope for personal development within die Bankas Executive Management^ ' -
A p atTrarfruff salary will he offered together with excellent fringe benefits,
i yvjnding ; a pr e f erential mortgage scheme and i «HMX>ntnbiitory pension. . '

Candidates are Im^tsel - to snbmit their appficfttinns ; accon^ankdbya ,
detafiedcumaihmi vitae to: The Secretary, Bank of Scotlamd, Head
Office, The Mound, Edmbur^EHIlXZ. • . . 4 - . ..

oggoBASX 0FSC0TLUD

A leading City-based merchant bank is seeking dynamic bankers, preferred
age 25-32, to work in its International Corporate finance Department and
assist in the development and marketing of advanced financial services.

The successful candidates will be expected to. report at Board level and to
have extensive client contact There will be considerable scope for personal
career development.

The right temperament and aptitudes will be more important than the precise
nature of previous experience, but it would be helpful If this included 2-4
years* involvement in the solicitation and preparation of issues of securities,
long-dated currency exchanges or financial advisory work. Experience in
financial analysis, and a background in law or accountancy would be
advantageous- .

Remuneration, which is open to negotiation, will not prove to be an obstacle to
the right candidates, and other benefits will be commensurate with those of
leading financial institutions.

Applicants should forward a full CV, listing separately those 'companies to
whom their details should not be sent and quoting ref. 1769 on their
envelope. Ail letters wilt be sent directly fo our client. •

R£0*UnMEtfTA^^

30FbnirigdGnStjeetU)!^^

BANKING

ACCOUNTANT c. £12,000

Responsibility Is for operational accounting and systems
development in. a CUcy international banje in its formative
stages. Must be a doer, not just a delegator.’

LOANS OFFICER c. £12,000

An opportunity for a banker who has moved up through
fee operational racks into credit to build Upon his/her
experience wife a major European bank.

INTERNATIONAL AUDIT £12,000+

Bxperienced and qualified bank auditor required to take
responsibility for complete programme — involving
operational and systems checks, special projects.

Please telephone Asm Costello or John Quveiton a t*

• John

CmVEKTON

M AssocisrEsLm oJSbmm

Management Consultant

£18,000 plus

• Unlveraitjr. of London
THE LONDON SCHOOL OF
ECONOMICS -

DEPAHTMari OF ACCOUNTING
ANI> FINANCE

Applications ere invited lor appoint-
ment from 1 October 1382 to- «
i0 -. Department ■ ol
Accounting and Finance.

possess a good
degrew In a ftimni area and/or
a professional ecm
cation. Appifcatfoni
encouraged from
have specialised, c
- apecieltaing. in on* or man
fallowing areas;
infonnation lysfins,
orgBntsatignal bthavlgui
ing. However, candidate

sfSSd' aBtto,,S Wi1 * " lao

Appointment will bo
“J® 1 * far lecturera

DSLaSQ a ye ■ -

London Alien

earring . ute
be given to
experience.

Executive Appointments

The specialist service for senior executivcs'sectlng new ‘ '

. apppiBUflertis. Our success-related feesinicrtire is unique.

■ Contact us for a confidential meeting.'

rnartr
— 8WW ,
SWuiUnW

73 GctfevenorSlrebt, LONDON W1— 01 -4B3KD4

Financial Times Thursday March 25 1982

International Appointments

ondon

-:..iio4es

:t ‘- "VlllStTY.
^^■.-iviNfor
iT.^JOnal

"i-.'.lc- .

Vi.*&

Manager,

International

Investment

Portfolio

Atlaijtie Richfield Company's growing pension fund • .

investments have created a new expansion opening for
an experienced international money manager. '

If qualified to manage this sizeable portfolio supplement-
ing ejur internally managed domestic operations, you wilt
be located at our corporate headquarters in Los Ahgeles.
Youij credentials must include at least five. years experi-
ence in managing or guiding an institutional portfolio con-
centrating on investments in the Pacific Basin area. You
should have current relationships with investment bro-
kers.and financial institutions in Japan. Australia, Hong
Kon^, Singapore, etc.

H is probable that you will have a degree in Finance or .
Economics. Japanese language capability is preferred.
Denjonsfrafed ability to represent our pension plan
activities effectively in international investment manage-
ment circles is essential.

The position will have a minimum annua! salary of -
560,900. Higher compensation may be possible depend-
ing upon quali locations.

Inveiigata the scope, comprehensive benefits, and
superior visibility of this position without delay. Please
send your fully confidential resume and earnings history
to: B. E. Jeffries, ARCO Oil Producing, Inc., Collier
Housri, 3rd Floor, 163/169 Brompton Road, London
SW3 1PZ, England

AtlanticRichfieldCompany

An equal opportunity employer

B£ R E NSCH OT -MO R ET-BOSBOOM

a Nethuiands-based international management consulting
firm w ties to expand Its staff of

BANKERS

speciali ing in development and/or commercial banking
for ions term-assignments in developing countries.

Candid tes should have:

-senior nanagement. experience
-profes anal banking qualifications .

-alkou id banking experience (minimum ten years)

-ex peri nee in developing countries (minimum five years)
-fluBnc ■ in English and/or French.

Expend ce in management consulting would bean advantage.

If interested, please write, giving full details of
qualifications and experience, 4o: ••• * - - -

3MB, Management Consulting for Development B.V.

».0. Box 1 5000 AA TILBURG Tef. Holland (0113 - 360084

INTERNATIONAL BANK

PARIS

I ' seeks

•T EXPERIENCED

FOREIGN EXCHANGE DEALER .

I with a minim um of three years’ experience of

• Exchange Markets, Dollars, Deutsche Marks,
, Pounds plus Dollars.

* A perfect command of German together with a
good knowledge of French and English is essential.
Please send curriculum vitae and salary require-
ments to:

Box A. 7803, Financial Times
10 Cannon Street, EC4P4BY

PERSONAL ASSISTANT

SAUDI ARABIA

Our client is a Saudi Arabian businessman with
interests both in Saudi and UK. He now wishes to
appoint a P.A. based in Jeddah, who will look after
his day-to-day affairs and also analyse investment

options. ... . i . .

An accountancy or banking background would be .
appropriate. . .

Salary and conditions by negotiation.

Please apply in writing to Mr. P. Alexander.

IT B R I D G E

h< “

Skyfaridgs PanonlMlitd

23 Russell Street
Reoding Berkshire RG1 7XD

COMMERCIAL MANAGER

A CAREER OPPORTUNITY IN
INTERNATIONAL TRADING
FIVE FIGURE REMUNERATION PLUS CAR

We axe looking for a dynamic business executive (generalist)
to assume complete responsibilities for the direction of all our
company's commercial activities*

Our company provides comprehensive representation and
marketing services of continental machinery suppliers to well-
established British industrial customers.

Applicants should be fluent in German with some knowledge
of French. ■

Candidates, probably in their late M’s or early 30’s will have
at least 3 years relevant experience in international machinery
trading. .

Salary, car and additional benefits for discussion. They wiU
fully reflect the importance of the post and the growth
potential of the selected candidate.

Applications Aauld be made in irriting, together ujitt
to Box A780t, Financial Times, JO Carman Street, EC4P 4BY

requires >

MONEY MARKET
FOREIGN EXCHANGE DEALER

Hong Kong

Our expansion in the International Banking area has
created this new position located in Hong Kong, reporting
directly to the Vice-President and Managing Director. You
will contribute significantly to the Bank's international
.operation by ensuring sound money management services
to existing clientele, as well as developing new sources
of Money Market and Foreign Exchange business.

The successful candidate will possess three-five years*
experience in a senior money market role and will also
have had a good working knowledge of foreign exchange.
The appropriate academic background will also be an
asset and you will be up to date on foreign exchange and
domestic trade. You will be able to relate your know-
ledge effectively to both short- and long-term investment
in money markets and will be comfortable in the business
development role. Your previous work experience will
provide you with an excellent understanding of this
market place and enable you to effectively promote the
advantages of the Bank of British Columbia.

We offer an up-to-date compensation package which
includes substantial salary and relocation expenses. If
you possess the above skills and are looking for a new
and exciting challenge in this prestigious setting, please
submit your resume to:

Mr. D. L. Simpson
Manager, Human Resources

Accountants:

At last your chance to work for the
World’s largest oil-producer

Aramco is the principal concessionaire
for Saudi Arabia’s oil fields, and as such A fl

isthe largest oil-producer in the world.

Ifsheadauartere.atDhahraninthe
Eastern Province, controls business
activities on a truly vast scale. mLwt

The work of the Finance Organ i- aHR

sation isthus highly responsible, «

and brings you a challenge you rtlll™

coukJ find nowhere else. Your
professional skills will be fully
stretched and thoroughly appreciated
-as well as highly rewarded.

We are now looking for qualified 4

accountants (ACA, ACCA orACMA), preferably
with a degree, with at least three years experience.

sMSh

FINANCE

SYSTEMS ANALYSIS

Bank of

^3? British Columbia

c/o Whites Recruitment Limited
Chronide House
72 Fleet Street
London, EC4Y TJ5

Letters will be forwarded to Canada unopened

INTERNATIONAL BANK
HEAD OFFICE PARIS

SEEKS

EXPERIENCED FOREIGN EXCHANGE DEALERS
.J LOCATION: PARIS and ABROAD
Send C.V. and salarly requirements under ref. 8598 to : —

P. LI CHAU S^. BO?. 220, 75063 Paris Cedex 82
who will forward. ■

INTERNAL AUDITORS

Our Internal Audit Group requires Auditors and
Accountants with some experience in the audit
function to review activities such as construction
projects, producing and terminating operations and
accounting and administrative controls in ail aspects
of the company’s activities. Exposure in your current
situation to oil and gas activities and construction
projects would be advantageous. (Ref. AOC/105/A)

CONTRACTS REVIEW AND
COST COMPLIANCE

We require candidates with a background in
construction and contract auditing or administration,
experienced with international Petroleum Engineer-
ing, Construction, Manufacturing or Infrastructure
Development organ jsations. Appropriate
professional qualifications and experience
are essential, as isthe ability to work with a
project team with contractors.

(Ref AOC/105/B)

nl Bm The need is for persons with

iDll^ Accounting educations and

experience in EDP systems
Analysis and Programming.

We are looking for persons with
the ability to represent finance
»f with EDP in day-to-day operational

. cr se flS situations, but more importantly to

iir»vf** l ' cC to Participate in the development of

il*° new systems to meet our changing

and growing requirements. The ability

to prepare articulate reportsto both EDP
and User organisations is a must. Familiarity
with IBM 370 and 3033 systems would be useful as
would experience with Coboi, PL-1 or Mark iV.

(Ref AOC/105/C)

WHAT WE OFFER

Wedoubtthatyou could find another company that
takes such good care of you. Salaries are from
£14,000^20,000, aftertax, plus overseas cost
allowance currently not less than £3,000.

These positions are initially on bachelor status
although married status may be available after
12 months. The employment package also includes
low-cost air-conditioned accommodation, free
medical care, generous leave with company-paid
flights and superb recreational facilities.

Interviews will be held in London in late April.
Telephone 01-831 6481 immediately for an application
form, or write, enclosing a detailed c.v.to

Steven James, Dept AOC/105/FT.

Aramco Overseas Company (UK),

Sheridan House, 17 St Anns Road, Harrow;
Middlesex, HA11YN.

Bonds Management Specialist in Paris

One of fee largest French tanking Groups, winch is internationally orientated, seeks to
expand its bonds management department.

You have 2 to 4 years experience in bond management and wish to gain a further expertise
before moving into the world of finance.

Jn this profession, as you well know, -technique alone is not enough- Indeed, the most
rigorous actuary is not necessarily fee best performer, nor does the best analyst make the
bat derision-maker. Yonr role will be both in an advisory and managerial capacity. You
should he well versed in world affairs and. have good analytical skills in order to synthesize
all relevant data. So we will pay special attention to your personal profile.

Moreover, whilst your background of higher education is not important, whether it be
Economics/ Sciences, Management or Actuarial Studies fluency in English and French is
essential.

Hease write in total confidence, without delay, giving full personal and career details and
quoting reference 825 681 FT to Cabinet Sirca.

64, rue La Boetie - 75008 PARIS

MOORE OesrNTBC

INVESTMENT

OFFICER

An International Organization seeks an Investment
Officer for its Headquarters in New York to
manage a portfolio of $400 million held in 25
currencies. Applications are invited from indivi-
duals possessing a postgraduate degree in finance,
economics, accounting or equivalent business
experience, as well as at least five years work
experience, of which a minimum of three years
should be international banking, currency trading,
or market operations.

Annual salary and allowances from US$36,000 to
US$59,000 depending on experience. Initial
contract duration two years.

- Applications should be addressed to Box A7813
Financial Times, 10 Cannon Street, EC4P iBY •

WE CAN TRANSFORM

YOUR CAREER

By offerirw the mcstcompreheriHve Career Counsdhng
service in Europe.

Our unique guarantee assures diems of rewarding areers, of
which some 70% are obtained from the unpublished job market
Telephone for a free confidential appointmentforan assessment
by a consultant, orsend us your cv.

0CHUSID Manchester: 061-128 0069 "

Ihe Prefestarakln Career CouraeKng ' Sunky Building, ftoadSy'Razi.

We are also specialists In ‘Oul
I i mj gf Brown Co r por a te

INTERNATIONAL

APPOINTMENTS

Rate £29.00
Per Single Column
Centimetre

Papua New Guinea

Projects Accountant

It is barely 28 years since the first European ventured into the highlands of
Papua New Guinea. A fascinating and challenging place, the province of Enga
has instigated a comprehensive programme of industrial and community
projects to develop its commercial and administrative infrastructure.

An accountant is required to establish financial control over the funds
provided by the national and provincial governments for the province's
development projects. Reporting to the projects co-ordinacot; the work will
include the supervision of all financial procedures and the enhancement of
budgeting and management information systems.

The requirement is for a qualified accountant with experience of project
accounting and the development of financial systems and controls.

Remuneration : around £15,000 plus free housing, relocation and other
overseas benefits, with an initial contract of two or three years.

Please write in the first instance to CTGarcia (Ref 829F). All replies will be
forwarded direct to our client.

Thomson McLintock Associates 70 Finsbury Pavement London EC2A 1 SX

through ouraffflbted'oompany

nited. Address as above.

Schlumberger

Management Accountant

— Paris

Multinational oilfield sendee company seeks a
young French-speaking accountant (ACMA or ACA),
preferably a graduate with high potential for an
international career starting in Paris.

The initial assignment (one to two years) will be
associated with costing and management accounting
related to new generations of high technology tools
before and during series production. Some experi-
ence after qualifying and/or additional languages
besides fluency in French (particularly Spanish or
Portuguese) would be positive factors.

Career prospects are real for an internationally
mobile individual. Vacation and benefits including
relocation are attractive. Initial salary is flexible but
would be competitive. A Common Market passport
would normally be required to work in France.

For further information call A. Ceoghegan, Controller
at Paris (S3) 1-630-21-85. or send c.c. to E. F.
Schlumberger, 26 Rve de la Cavee, F-92142, Clamart,
France.

SALES

EUROPEAN
SALES MANAGER

PRENTICE CORPORATION, located in the high technology
area of " Silicon Valley ", California. USA, it a high growth
designer and manufacturer of data communications equipment
— modems, line drivers and multiplexers. We are presently
looking for a highly motivated individual to cake full charge

of our European sales efforts.

Responsibilities include establishing and managing a sales
office in Holland or England, selecting and directing European
Distributors, and participating in the budgeting, forecasting,
and strategic sales planning functions.

Candidates should have 10 years of sales experience,
experience with the technical and application aspects of d 2 ta
communication products, and excellent command of the
English language. We would prefer a University degree.
PRENTICE offers an attractive salary and a comprehensive
benefits package. We will be Interviewing qualified candidates
in Europe in April. If you are the person we are seeking,
please send a resume of qualifications including salary history,
before March 31, J9B2, to:

PRENTICE CORPORATION
266 Caspian Drive. Sunnyvale
California. 94086. USA

i

JV- 1 ?» « » IW W

Opportunity of considerable scope and commercial impact with .
substantial group ...

D.P. MANAGER

Systems development and implementation emphasis

i flexible circa £15K+car, eta

and metal and mineral trading, Tddng full advantage of current technology, the group is embarking upon a major systems
developmentprogramme throughout its operations. ■

This appointment is within the commeraally importantmetals and minerals trading division, -which operates
internationally. The primary task will be to develop and implement from scratch interactive information and control *

systems within the division, in line with group strategy. The active nature of trading places considerable importance on
information management, thus the appointee will sig ntfirawt contribuhonto the achievement of business

objectives. . - . .

Applications are invited from DP. professionals, (m/fj, probably graduates, aged in. their early to mid 30 s, who can
demonstrate success in the development and implementation of on-line computer systems within a corporate or trading
environment Prospects for professional development within the group are excellent.

. ' Written applications containing career details should be forwarded, in confidence,
to Anthony J. Forsyth, B.Se. at our London address quoting reference number 3616/F.T.

410 Strand FREEPOST London -WC2R OBR.

Tel: 01-836 9507

26. West Nile Street FREEPOST Glasgow G1 2BR.

Tel: 041-226 3101.

3 Coates Place, Edinburgh EH3 7AA. Tel: 031-225 7744.

I1ANBUS

Doogka Uatntwr. Awwafes tmrfed
Accounlcn-.y 4 AAjnagcfPenf
Pi.v r : fitment ConvwnR

indemnity: Banking
& Financial Institutions

£ 20 , 000 +

The growing risk of loss from computer fraud in financial
transactions, and increasing liabilities for errors in operations
or advice to clients, expands foe need for insurance cover
availability throughout the financial sector. This major
international insurance broker currently arranges insurance
covers against a wide range of defalcation, political and other
difficult exposures for banks, discount houses, stock
exchanges, brokers and so forth, on a multinational bass. To
head a new team to extend its business substantially in and
from London, we seek candidates of director potential with a
detailed understanding of international banking, who will

advise clients and sell such coverage at senior level, after
appropriate training at the City headquarters. Age ideally mid
30s - eartv 40s. Salary will be agreed to attract those now
earning m foe region of £20,000 and blue-chip benefits will be -
provided.

Write for an application form or send brief CV to the address
below, quoting ref: AA26i7939/FT on both letter and
envelope , and advising us of any other appBcations you have
made to PA PersonnelServices within the last twelve months.
No details are divulged to clients without prior permission.
Initial interviews wifi be conducted by PA Consultants.

candidates or director potential wnn a No details are divulged to clients without prior permission,

of international banking, who will initial interviews wifi be conducted by PA Consultants.

PA Personnel Services

Hyde Park House, 60a Knightsbridge, London SW1 X “LE. Tel: 01-235 6060 Telex: 27874

A member ot PA International

Manager

Financial Futures Clearing Services

ICCH

Our- client. International Commodities Clearing
House Ltd. is a unique City company which prorides a
clearing and guaranteeing service to futures markets in
London and overseas and has established a pre-eminent
position in its field . The company is expanding its activity
by providing services to the London International
Financial Futures Exchange (LIFFE), which is due to
open in September 1982 . .

This is a senior management pose, reporting to a General
Manager - a new appointment which offers great scope
for the future. You will be responsible for' the
co-ordination of preparatory work leading to the opening
of the market and thereafter, for the provision of ah
efficient clearing service. Of particular importance will
he the development and supervision of procedures for’
delivery’ of financial instruments under the. futures
contracts.

You will haveaCiry background, probably in sxockbrok-
ingor banking, with experience in the administration of
gilts and currency markets. Ideally in your 30 s, you
should be responsive to new ideas and able to cope witha
busy environment.

An excellent salary is offered commensurate with this
position. There arc extremely good fringe, benefits
including a car- immediate mortgage subsidy, free
medical . insurance and a non-contributory pension.
Loca tion , Giy of London.

Please zoritc in strict confidence^ quoting reference 206,
to H. jB. Atkins us adviser io fftc lOiiipartvT' .

AMC

Selection

Recruitment Consultants
15 Borough High Street
London SEl 9SH
Tel: 01-403 0924

SENIOR EXECUTIVES

thinking of a new appointment?

If so, you need access to the unadvertised searches
carried out by top Executive Recruitment
Consultants. Every month The Journal carries around
100 such assignments with salaries up to £80,000.

Acting as a link between the senior job searcher and
the consultant. The Journal undertakes to pass
subscribers' resumes on to die consultant concerned.

Whether actively seeking a new position or merely
keeping an eye on the top end of-the market. The
Journal of Executive Recruitment is invaluable to the
senior executive.

For subscription details and a free copy contact:

Baird Publishing Ltd.

87 Jermyn Street, London SW1Y 6 JD
Tel: 01-930 2953/01-839 3935 (24 hr service)

Telex: 917835 Ref. EG.

[3 the journal

yd OF EXECUTIVE

lEJ recruitment

LENDING OFFICER FX DEALERS

New Bank to £20.000 Senior . Position* ‘ £75-27,000

Excicing opportunity lor ambitious International Bank" offers vary
banker, in early 3 Os with good competitive salary level* to senior
background w corporate Finance. dealers wiiA . proven success

record.

THE LONDON UNION OF YOUTH CLUBS

The LUYC invites applications lor tb* newly created post of full-
time CHIEF EXECUTIVE with responsibility lor the organisation ol
the Union’s work.

The successful candidate will be committed to (lie. aims of the
modern ycu;h service, will. lead and motivate the staff team and
will liaise with, statutory and voluntary organisations. Fund raising
will be tin portent to onable’ the Union to realise ns full potential.
The successful candidate will possess proven administrative skills
acquired m the youth service.’ business. ' the public sector or the
professions. Salary C1J,0OQ-£15,O(X).

Applications forms and derailed information from: -
Lit Butler. LUYC. InvereeJt House, 1 Aidwych. London. WC2

Closing date-. 23rd Atwil lSB2

EXPORT' FINANCE ASST. • '£9-000 f*

person in mid to la:e 20s with sound knowledge of ECGO. -Dufies
include preparation ■ of loan applications and reviews, processing of
Shipment documentation, monitoring end controlling of *11 systems.
Must be prepared w t«vei K required.

CREDIT ANALYST £.3,000-

Go-ahead person in mid 20s with, two-three years’ commercial loan*
analysis experience required for this European Bank. Experience in
business development and project finance would be an advantage-

Phone Michael Kan without delay on 01-429 7838

BARNETT BANKING l Albemarle St,. London W-l-

7 a division ot Bsmott Personnel lid.}

ENERGY

JOURNALISTS

Journalism with a first-class track record of at least four
“ JS-lr Ypeciaferi journalism are m.ited In
"apply for appointment to ..the .editorial staff of Financial
Tiroes Energy Newsletters ’ ■ "

Write, giving -full- details, to

Sue Smith „

FinancialTimes

Bracken House

IP Cannon Street
.! London EC4P 4&Y

LOANS ADMIN.

EUROBONDS

City

£7-10,000 Sales /Settlements

Exoeriancod IMm administrators • . Respected merchant bank ha*
sought by several client banks. _ openings for Executive, expert-
offering interesting assignments - enced m placement of bonds and
and attractive remuneration peck- other inyaeuqants end competent
ages. sertl erne nts'c lerk in mid 20a..

CREDIT ANALYSTS, ACCOUNTS. DOC. CREDITsT FOREX,
SECURITIES, SYNDICATIONS, etc* — Excellent opportunities
also available in these areas.

GORDON BROWN

Bank Recruitment Consultants

4-0 Copthall Avenue, London EC2. ' Tel: 01-628 4200

E. S. SCHWAB & CO. LIMITED

(VOLKSKAS INTERNATIONAL LIMITED)

Applications' are invited for the following new
positions: —

SENIOR OFFICER .

To assist with the establishment of general inter-
national business activities.

EXPERIENCED SENIOR FX DEALER
- Toassist in the development of FX/Deposit d ealing i

ADMINISTRATIVE OFFICER 1

To act as a back-up for FX dealing

These newly created ppsitions in the International
Division are as a result of the takeover by the
Volfcskas Group of South Africa of E. S. Schwab & ‘
Co. limited (name to be changed' to Volkskas Inter-
national Ltd.). — 1 ‘ .

Salaries and other benefits will be in - keeping with
. the importance of these posts.

Please apply in confidence, withc.v : . to date, to:

The Manager, International Division
E. S. SCHWAB & CO. LTD. .

Stone House, 128/140 Blshopsgate
London EC2M 4HX

COMPANY NOTICES

ANGLO AMERICAN INDUSTRIAL CORPORATION
LIMITED

(Incorporated m the Repuft/t’c of South Africa )

DECLARATION OF DIVIDENDS ON PREFERENCE SHARES

The following dividend* have been declared payable on the corporation's
two senes'ol preference shares In accordance wuh the terms and condi-
tions contained in the corporation’s Articles of Association:

5.625% Cumulative T2.375*.: Cumulative

First Preference find tamable Second

Shares Preference Shares

Dividend Number ,

In respect of period 1.1.82 to 31 .3 82 •

Amount par share* 2 7740c

Las: day to register 31.3.82

Registers closed 1.4.82 to 14.4.82

Warrants posted on or about 3.5.83

Currency conversion date 1 4.82

Shares quoted on The Johannesburg

and London

_ Stock Exchanges

* Calculated on a dally basis for respective porlads

1.1.82 to 30.4.82
4.0685c
30.4.82-

The Johannesburg
Stock Exchange

The above dividend* era payable subject to condition* which can be
inspected si the head, and London offices ot. this corporation and at the.
office of tbe corporation's transfer secretaries. Consolidated She re. Registrars
Limited. 62 Marshall Street. Johannesburg 2001 end Charter Consolidated
PLC. Charter House, Park Street. Ashford. Kent TNZ4 8EQ.

By order of the board

ANGLO AMERICAN CORPORATION OF SOUTH AFRICA LIMITED

Secretaries
■ per D. M. Davidson

_ Divisional Secretary

Heed Office: London Office:

44 Mam Street 40 Ho) bo nr Viaduct

Johannesburg 2001. London EC1P 1AJ

2 4th March 1382

TAUERNAUTOBAHN AKTIENGESELLSCHAFT

US$30,000,000 &z% Guaranteed Bonds 1987 '

Citibank, NA. is Principal Paying Agent.* announces that Bonds
for. a nominal value of US$3 .000.000 were purchased for .che March
* 15.' 1982 Redemption.

- The principal amount outstanding after . March 15, 1987. is
U5S30, 000,000. ’ ’

: Citibank, N JL; London

NOTICE TO BONDHOLDERS

SAAB-SCANIA AKTIEBOLAG

OS4SO.OOO.OOO 8j% Bonds due IS* March, 1989

Pursuant to the terms and conditions of Bonds, notice- is hereby given that
during the twelve-month period beginning on IBth March, 1381, the
Company his purchased USS2.5CO.0C0 principal amount of the subject
Bonds in satisfaction of the Purchase Fund requirements.

As of 16th March. 1982. the principal amount of such Bonds remaining In
circulation was USS37.600.000.

FOR SAAB-SCANIA AKTIEBOLAG

CITIBANK. N.A.. London
25th March, 1982

KLCINWOR7 RNSON
INTERNA TIONAL. FU ND N.V.

NOTICE OF

ANNUAL GENERAL MEETING
_ OF SHAREHOLDERS

TO BE HELD ON 8TH APRIL 19*2
NOTICE IS HEREBY . GIVEN that the
Annual General Meeting of Shareholder*
ol Weinwort Benson International Fund
N.V. will be held at the office ol the
Company. De Ruyceriude 62. Curasao.
Netherlands Antilles on Thursday Stti
April 1982. at iq.oo hours (local time}
tor the purpose ot:

1. Approvjnn the Company's Statement
ol Assets and Liabilities as at 31 tt
December 1961 and its Statement at
Income and Expenses for the year

_ ceded 31st December 1981:

2. Approving the declaration ol a divi-
dend payment ot 40 % equal to
UJ. 50.40 oer share:

3. - Approving the transfer of 52. 177.172

to Capital Reserve;

4. To ratify the appointment □! Mcsv*.
Coopers 6 Lybrand S.A.. Geneva, as

. the auditors Of the Company tor the |
Year ending 21st December 19B2-. 1

5. To transact such other business as
may properly coma before the
Megan*.

Holders ot bearer shares ynsnino to
exorcise their rights at the Meeting should
deposit their shares with Kldrcwort, Ben-

g n (Geneva! S.A.. Place du Rhfloe 2. 1211
ineva 11. Switzerland, ot at any other
Dank which Is acceptable to KJelnwcrt.
Benson (Geneva) S.A.. not later than
17.00 hours (local time) on Znd April
1982- against receipt thereof, which receipt
win entitle said' shareholder- to exercise
•such rights. _

Holder* of bearer shares may vote by
proxy by nulling a form of . proxy and
certificate of deposit tar ttmr snares,
obtained from Klelnwort. Benson (Geneva)
S.A., or any other bank that la acccotablo
to the aforementioned bank, to KIHnwort.
Benson (Geneva) SA. Place du RhAnc 2.
1211 G e n eva 11. Swttrerland. • Holders
ol registered _ itrarcs may wisp vote trr
proxy by mean* of a *orm ol prow,
obtained end tiled In JJic manner described
In the preceding sentence. Proxies and 'Or
certificates of tfeOastt* must be received
by Klriowart. Benson (Geneva) S.A. not
later thus 1T.QQ hoars (tiscil time) on
2nd April 1962 In order to oe used
at the Meeting. .

Curacao. . • •• . • “

24th March 1962.

CANADIAN NORTH ATLANTIC

O FREIGHT CONFERENCE
CANADA-UNITED KINGDOM
FREIG HT CONFE RENCE

NOTICE TO SHIPPERS AND IMPORTERS
FUEL COSTS

The Member Lines of the Move Con-
ferences - operating services between tbe
United Kingdom. Northern . Ireland and
the Republic af Ireland affH Canadian
Maritime. St. Lawrence River and Great
Lakes Ports have continued to monitor
bunker costs on- a monthly bail! and
the result pt th is monitoring shows that
the Ptawon as at iSth March justifies a
reduction 'hr the (resent levoJ of Du nicer
surcharge- Accordingly with eBoct from
ISth April 1962 tbe bunker surcharge
iDpticabta-Mlll.be. revised to the following
basis:

S6.S0 per ton weight ,

if.OOd kttas) . > as

S4.65~Mr Ion' measurement i freighted

fmklr 4

(cubic metre)

Minima for contilnei moving under
Services 1 and 2:

— > 2Jy containers — S 77.00
-- '4JJ* containers — S1 14.00
Maximum per container — S2D9.50.

. The bunker sorcharae will continue to
be exempt from the Conference currency
adjustment' factor and will not apply bo

tbe Toronto j Ha mtlton additional!.

Any future changes to th* bunker sur-
charge resulting from the monthly moni-
toring .wilt be announced as and when
warranted,

Atlantic Container Line G. I.E.

Canadian Pacific SteatasMp Ltd.

Dart Containerline (Canada) N.V.
Rapag-Lfoyd AG.

Manchester Liners Ltd. ‘
Golden Cross Uae Ltd. ,

Joint

membership

Cunard Budding.
Liverpool LS IPS.
March 1962.

••.CANADIAN ATLANTIC
TR EIGHT SECRETHIAT LTD..
, . ’ . Secretaries.

Company Secretary/
Accounts Supervisor

required part time

(probably one day a
week ) by two small pri-
vate companies under
same ownership, situated
in West End of London.
Might suit retired bank
manager or similar.

Please write with c.i\ to
Box A. 7814
Financial Times
10 Cannon Street
EC4P 4BY

APPOINTMENTS

WANTED

CX-CHIEF EXECUTIVE of Inter national
Engineering Grouo. experienced in
national and International eoroonie
finance and business law. early retired.
57. now seeks opportunity n u»c ex-
perience in advising companies on legal
and financial matters, either as a co»-
soitant or as a non-execotlve director.
Write Box a . 7 309, Financial Times. 10.
Cannon Street EC4P 48Y.

54-YEAR-OLD EX-FINANCIAL
; DIRECTOR OF PROFITABLE
COMPANY

(turnover £-300ml seeks appointment
J ,r Bmtl wltfi smaller
fcracrionce Includes commer.
eul negotiations, developing boslneu
olaus. organist no finance, managing
takeovers and turning round falling .
HK'.irt , First-clsss referee?

Consulting assignments considered.

West Midlands. ’ Write Box

^ 7 4? emrVbT t, "“’ 10 - c * nTOn

POSITION SOUGHT

F«llneial Controllar. BA. PC A. aged
31. German and French speaking,
experience, UK and oversee* seeks
employment in International Bank-
,n 8 At present working abroad but
available lor interview in- London
23 March-5 Apnl.

Please phony; 02774 4625
for detailed cv and eppolmment

. CAW A DUN NORTH ATLANTIC
WESTBOUND FREIGHT CONFERENCE

NOTICE TO SKIPPERS

NEWFOUNDLAND ARBITARY CHARGES
The Member Lines of the above Con-
tavfirce would refer to thaff press
Announcement in February advising
Increases in die Newfoundland arbitrary
charges applicable to lull container loads
coniMuenr. udoo the announcement by
die camera of cargo between Halifax.
N-S. and St. John'}, Newfoundland, of
an increase In their charges. Ad*iee has
now &**" reee)v«d from these .carriers
that the charges applicable, to LCU *Wp-
menN will be Increased with e ffe ct from
tStb April 1082 to the following basis:

Clfitf
too ibs

, 1- 1500 lb* 10.56

1501 - 2500 Ite 9.56

2501.-- 5000 lbs 9,54

5001 . 10000 lbs 7.6S

T0001 ■ 20000 IbS 7.10

2QOC1 - 30000 IbS . -6.61

... *0001 - lbs and over 6.27
Minimum eharg* CS22.50 per -Wlf of
llaiita,

-.“IpmenB weighing «(KH3 I* BP to
8000 Iba oer oleee or package are -aobjest
to a heavy lift charge of C540.00r for
pieces or packages wrlohlng over *000
■Do- the rate will be supplied upgn request
The Member Lines therefore have no
i »'W native but to increase the erblwary
| charges whkh are omentlv aportrable
* LC-L cargoes moving from Great
: Brito, n. Northern Ireland and the Bopubllc
of Iretand to Newtaundlaod via Maritime'
Lawrence River ports to the sanw

AtlsntK Container Line G.I.E.

Canadian Pacihr Sb-amsfHo Ltd.

' B!U. C< l n . la 'J? c r , i. ne fC«n*ifa> N.V.
HSMg-UOTd AG.

NOTICE TO HOLDERS Of
EUROPEAN DEPOSITARY RECEIPTS
(EDRs) IN

TSUIAK1MOT0 PRECISION PRODUCTS
CO.. LTD.

NOTICE IS- HEREBY- GIVEN that pending
the payment of a Cash dividend to. share-
hoidecs or record date March 31 , 19*2
the shareholders' register -will be dosed
lor tbe period Aorll -U 1982 to Jane 29,
1982 Ml. during mb Period It Will not
be possible to register thu .transfer of
shares against the surrender of EDRs.

Furthermore, it has been Declared that
the shares will be traded ee-dhrldcnd on
the Japanese ■Stock GfchaiigM with effect
from March 27. 198Z.

Subfeet tb approval of the dividend,
a further nance win pc published storing
the amount and actual date of payment
or such dividend together with Ihe pro-
cedure to be followed far obtaining pay.
meet thereof as soon as practicable after
receipt of the dividend fry the Depositary.

Coupon No. 3 will be used far collec-
tion of Wi dividend.

CITIBANK, N.A.. London.
March 25, 19B21 Depositary.

Liners Ltd. * joint .
Golden Cross Une Lta. i membership

’ CANADIAN ATLANTIC

FREIGHT SECKETRIAT LTD-
cur-ra Building. Secretaries.

ESfgg ,DS - .

CLUBS

Financial Times Thursday March 23 I9S2

UK ECONOMIC INDICATORS

Frtivoinr ACTIVITY — Indices of industrial production, nunu-
£*»£« "SSSSoySnt ,(o^u<lins ,nd

Sd w^d. cooog)- *h “"a s « IM» ,

SSl oiiput order ybL value* ployed Vacs,

value* ployed

lSfUi 2.643

OUTPUT— By market sector; c o n sum er goods. Investment goods,
intermediate goods (materials and fuels); eraineeriWR output;

4thqtr. $4.3 91.6 llt.l 86.6 71.0 77.2 10.1

1981

1st qtr. 93.6 8 W 117.1 84.1 75.7 76.7 1 M

2ndqtr. 922 88.7 117.9 84 78.7 i5JJ 141

3rdqtr. 93^ 89.3 . 118.5 86.3 772 75.1 14 £

4th qtr. 93.1 90.1 121.3 86 ^ 82.6 <4.8 II.#

July 94.0 89.0 118.0 86.0 77.0 74.0 14.5

Aug 94.0 89.0 118.0 86.0 76.0 76.0 32.5

Sept 93.0 90.0 120.0 87.0 79.0 75.0 15.4

Oct 95.0 90.0 124.0 87.0 86.0 75.0 13.4

Nov 93.0 90.0 121.0 86.0 83-0 7o.D 14.1

Dec 92.0 90.0 119.0 86.0 79.0 74.0 7.7

1982

Jan 89.0 90.0 119.0 86.0 77.0 71.0 11, S

EXTERNAL TRADE— Indices of export and Import volume
(1975=100); visible balance; current balance (£m); oil balance
(£m); terms of trade (1975=100); exchange reserves.

Export Import Visible Current Oil Terms Resv.
volume volume balan ce balance balance trade US5bn*

.1980

4th qtr.

126.6

1118

+ 1265

+2,114

+222

ij jhsjs

27.90

1981

1 st qtr.

107.0

28.M

2 nd qtr.

26.73

4th qtr.

13J5.8

132.3

+748

+ 1^48

+705

99 3

23.35

Feb-

32L7

1113

+314

+ 755

+231

105J2

28.43

March

105A

2831

April

1062

28J07

Sept

1303

135J)

+ 13

+114

+290

100.0

23.70

Oct

133A

126^3

+366

+532

+ 89

./ 98J
100 ^

2332

Nov

139A

141.7

+ 51

+218

+214

23.46

Dec

133.8

129.0

+ 331

+498

+402

100.4

233S

1982

Jan 2322

Feb 23^7

Trade figures for March-August 1981 not available because of
Civil Service dispute.

FINANCIAL— 'Money supply Ml and sterling M3, bank advances
in sterling to tbe private sector (three months 1 growth at annual
rate); domestic credit expansion (£m>; building 'societies’ net
inflow; HP, new credit; all seasonally adjusted. Minimum
lending rate (end period).

Bank

Ml

M3

advances BCE

BS •.

HP

MLR

1981

1 st qtr.

%

%

% £m

Inflow lending

%

6.8

U

12.4 +1,308

1,081 ..

1,884

12

2 nd qtr.

23.1

173

6.5 +4^50

1403

1.936

12

3rd qtr.

8 JL

18J.

29.7 +5JB1

868

2,019

4th qtr.

+2084 •’

422

1,980

June

21 J)

17.8

8.6 +1464

371 “

674

12

July

14^

17^

19.8 +2440

290-

658

12

Aug

. 0 B

14.5

35.4 +1446

. 244

659

_

Sept

9.7

223

34.3 +2,465

334 .

706

_

Oct

- 4.T

203

24.0 +1,557

154

681

Nov

7A

173

20.4 + 443

65 a

642

Dec

+ 184

203, v

657

1982

• J

Jan

336 r

656

Feb

. 347 i -

...

INFLATION— Indices of earnings (Jan 1978=100); basic
materials and fuels, wholesale . prices of manufactured products.
(1975=100); retail prices and food prices <1174=100); FT
commodity index (July 1952=100); trade weighed value of
sterling (1975=100). -

Earn- Basic "Whale. FT*,

ings* maffs.* nmfg* RP1* Foods* comdty. Strlg.

1981 - • . -:i .

1st qtr. 195.3 213.8 2X23 280.4 268.7 261J5S 101.4

2nd qtr. 202^ 2252 219A 294.0 277.0 245-07 97.8

3rd qtr. ’ 2095 235.9 224.1 299. V 278A 280^3 90.6

4th qtr. 214.6 237 J 2292 306.5 285^ 248-97 89.7

Aug : '210.4 236A - 224.1 299.2 ’ 277^ 257.64 91-2

Sept 211.7 2375 72SJ9. . 301J) 279^ 260.83 88.0

Oct

Nov

Dec

1982

Jan

Feb

212.5 2382 2278 303.7 282.7 259.12 ^8.2

2143 236.9 229.4 . 306.9 28 5J 245.79 S0JL

217 J. 236A 230.4 308.8 ' 288-5 248.97 908

214.1 238.7 232.7 310.6 296.1 252.94 91.1

239A 234.4 310.7 297.1 241.77 915

*Not seasonally adjusted.

BASE LENDING RATES

A J3X. Bank 13 %

Allied Irish Bank 13 %

American Express Bk. 13 %

Amro Bank 13 %

Henry Ansbacber 13 %

Arbuthnot Latham ... 13 %
Associates Cap. • Corp. 13 %

Banco de. Bilbao 13 %

BCCI 13 %

Bank Hapaollro BM ... 13 %
Bank Leumi (UK) pic 13 %

Bank of Cyprus 13 %

Bank Street Sec. Ltd. 15 %

Bank of N.S.W. 13 %

Sanque Beige Ltd. ... 13 %
Basque du Rhone et de

la landse-S-A. 134%

Barclays Bank 13 %

Beneficial Trust Ltd 14 %

B remar Holdings Ltd. 14 %
Brit. Bank of Mid. East 13 %

■ Brown .Shipley. 13 %

Canada Perm’t Trust... 14 %
Castle Court Trust Ltd: 13J%
Cavendish G'tyTst Ltd. 15i%

Cayzer Ltd. 13i%.

Cedar Holdings 13 %

■ Charterhouse Japhet... 13 %

Choulartoos .- 14 %

Citibank Savings ...r..lfl 2 J%

Clydesdale -Bank 13 %

C,E. Coates 14 %

Consolidated Credits... 13* %

Co-operative Bank *13 %

Corinthian Secs 13 %

The Cyprus Popular Bk. 13 %

Duncan Lawrie 13 (5

Eagil Trust 13 %

E.T. Trust 131%

Exeter Trust Ltd. 14 %

First Nat. Fin. Corp,.... 16j%
F?rsf Nat. Secs: Ltd..;. 1B1%
Robert Eraser 14 *%

Grindlays Bank 113 %,

■ Guinness Mahon 13 %i

■ Hansbros Bank 13 % .

Heritable A Gen. Trust 13 % ;

■ Hill Samuel :..5l3 % ;

C. Hoare & Co. ,.w. 4 ..?i3 %
Hongkong & -Shanghai 13 %
Kingsnorth Trbst Ltd. 14 %
Knowsiey A Co^Ltd. ... 13i%,

Lloyds Bank 13 %

Mallinbali Limited ... 13 %
Edward Man son & Co. 14 %
Midland Bank 13 %

1 Samuel Montagu 13 % .•

■ Morgan Grenfell 13 %

National Westminster 13 %
Norwich General Trust 13 %

P. S. Refson & Co 13 % :

Roxburgbe Guarantee 13*% '

E- S. Schwab 13 %:

Slavenburg's Bank ...'13 %
Standard Chartered ...Hi3 %

Trade Dev. Bank 13 %

Trustee Savings Bank 13 %

TCB Ltd. 13 %

United Bank of Kuwait 13 %
Whiteaway Laidlaw ... 191%

Williams & Giya’s 13"%

Wlntrust Secs. Ltd. ... 13 %
Yorkshire Bank 13 %

I Members of the Accepting Housoa ■
Committee.

7-day deposit TO*',. 1 -month

'10.25%. Short tonn -- C8 OOO/t?
month 12.6 'm

7-d*y deposits on sum* of: under'
£10. COO 10V«. 00,000-. up .JP

£50.000 11%. £50.000

11*1%. - - .

Call deposits. £1,000 and " over

iq.»

21 -day deposits ouar. £1.000 ltt.%:
Demand deposits 10V%_ 'f. '
Mortgogo baso rate.

(D

Dalnfppon Screen Mfg, Co., Ud.

• Kyoto, Japan

4% DM Comwttoto Btarsr Bonda of 1979/1987
: Saoirtty index Number 484 4C2
, Adjustment of Conversion Price

StoSri*! ** •* ^"9 ""Mhiive
.55^5SJI5 ibut & A a rafio : 1

on March 31, 1982 .

EVE has outlived the etflera Mcius* of a
euilcv of fair dIst ana value fur money.
Suppur (ram 10,330 un.- Disco and tap
musicians, glamorous hostesses, exciting
eoeraiiows. 189. Regent St. 734 0557.

effaefive from April 1, 19B2 wOl bo Y&h

Common Stockwith a p^l wofVelK. •

_ . . On bohalfaf ~
Danippon.ScrMn Mfg. Co., Ltd.",
Munich, in March 1982 . BAYER1SCHE VEREBtSBANK '

AkUengesallschaft

,-H',

■1 ; , ' ,l l

: • /ia* 1

\

1 ‘"•'Vi'i

• ■ , *■•*/'. ■

: ... , \iu k

. - -l.lt v

! s

•• ,1 - -J'H h;

■ * v • *

f

* '< . I '"I 1

-■Ti.'i !l

* ’ k!

\

-S;; It

• . 15

1 ‘ • *,-V

1 •i* i „
l» : •

' -
■ in*.' 1

. *

ir. KATES

Financial Times Thursday March 25 1982

TECHNOLOGY

EDITED BY ALAN CANE

UK-based manufacturers
faD behind in electronics

LESS. THAN half of manufac-
turing establishments in Britain
are estimated to be applying
microelectronic technology to
their products or processes or
to be planning to do so in the
near future. Moreover, the
majority pf users are larger
companies (or local subsidiaries
of foreign-pwned groups.

These are among the prin-
cipal findings of a study pub-
lished today by the Policy
Studies Institute, which says
that . British industry may
already Have faUen behind
many of its overseas competi-
tors in ttje use of microelec-
tronics. Without new measures
to encoursee application of the
technology the gap is likely to
widen. [

The stucjy, based on a sample
of 1200 manufacturing estab-
lishments Questioned early last
year . says that most of those
using mlA-oelectronics believe
that it ha s\ benefited their busi-
ness.

It also
duction of
have creat»
has destroy
evidence of!
resistance.

But too
said to be
tial advantii

gests that intro-
e technology may
more jobs than it
d and finds little
trious trade union

any companies are
|orant of the poten-
cy applying mic-

Soelectronicsland of how to set

BY GUY de JONQUIERES

about doing so. The study also
blames the recession and short,
ages of suitably skilled staff for
retarding the ‘ Spread of the
technology, . fc

It finds that 13 per cent of

the 1,200 establishments
questioned are using or plan-
ning to use microelectronics
in their products, while 45 per'

- cent are using it in their pro-
duction processes or say that
they intend, to.

Only 9 pm* cent of the sample
were applying it to both pro-
ducts and processes. Just over
half the sample were doing
neither.

More than half the establish-
ments using microelectronics
employed - more than 500
people, while those employing
less than 100 staff accounted
for only one-eighth of users.
The most widespread use was
in electrical and instrument
engineering, mechanical en-
gineering and vehicle manu-
facturing. which together
accounted for 91 per cent of
users:

The most-frequently men-
tioned advantages of using
microelectronics in products
were better performance,
greater flexibility in new pro-
duct development and lower
production costs. The chief
benefits of applying it to pro- ;
cesses were said to he better

production control, consistently
higher product • quality and
more efficient use of labour.

Many users said that the main
obstacle to applying the tech-
nology more widely was the lack
of skilled staff. The most acute
shortage was of "engineers with
microelectronics • experience,
followed by specialist tech-
nicians and programmers. But
only about half of users said
that they had ever- sent engin-
eers on a microelectronic's
training course.

Only about 2 per cent of pro-
duct -users and 9 per cent of
process users considered that
shop floor or union opposition
to introducing the' technology
was a very important problem.

More than 70 per cent of all
users said that the application,
of microelectronics had pro-
duced no significant change in
their employment levels, and 60
per cent expected no change in
the next 18 months.

On the basis of replies given
by the 1,200 establishments, the
study estimates that up to the
start of 1981 the use of micro-
electronics in products may
have created about 23.000. jobs
in Britain, ‘while job losses re-
sulting from the application of
the technology to process are
put at about 7.000.

But the study suggests that
the gain in jobs at establish-

MicroeJectronics
in Industry:

• Where it’s
Happening

Rates of use by region '

Microelectronics: Users and Non -Users

INDUSTRY

Users o so*.

too.

Electric*] and bmrurnent
engineering

Mechanical tnpwrtg
Vehicles
Other manufacturing

Paper and printing
0>emieals*ed metals

Textiles

1

product users
K8 process tarn

Non-Users

Electrical and imminent
ewneeriiK

Meduncal engineering
Vehicles

Other (ninulacturing
Other metal Roods
Clothing arid leather
Food and drinh
Paper and ptmlng
Chenuuh and metals
Textiles

19

THE

MFORMAIIpN

MOVERS

Network

Technology

Limited

From automate telex to totally
integrated Local Area Networks

Units. Suti ont Industrial Park
Reading, Series. RG6 1 AZ
Tel. 10734) 684667 Telex 849023

so - - o

non-inm rrcor nomp. vopc lor
applications, either in product or proem

□

3C

the 'cap* resrerr«:% nauivn nor
rncoRnnuv: any (or application*
either in produrn nr procrsci

Microelectronics use varies significantly both between regions a nd industries. The highest applications rates are in Sonth West

Ifriglami and in engineering and vehicle manufacturing

meats bringing in product appli-
cations may be offset by employ-
ment losses at other plants
which are not up-dating their
products with microelectrics.

The majority of non-users
said that they saw no scope for
applying microelectronics . in
their businesses. But- the
authors of the study are scep-
ticaL They suggest that poten-
tial applications exist, but that
non-users are either insuffi-
ciently informed or lack ' the

motivation to exploit them.

About two-thirds of users
said that they were aware of
the Industry Department's
Microprocessor Application Pro-
ject, ag ains t only one-third of
non-users. But only a small
proportion of those questioned
said that they were familiar
with the specific, features of
the scheme designed to
encourage the use of micro-
electronics in industry.

The study also blames the

recession for impeding the
spread of microelectronics m
industry. Almost a liurd of
users regarded general econo-
mic conditions as a greater
obstacle than technical difficul-
ties. The study also reports
that in 19S0 the number of
establishments starting to use
microelectronics fell for the
first time in six years.

“ There are uncomfortably
strong reasons for supposing
that industry in Britain has not

been adopting microelectronics
to the fullest extent possible
and that in consequence it is
already lending lo fall behind
our leading competitors. It
would be dangerous to allow
this to commie," Hie study .says.
• .‘U.'LTftcitrcfroiiirs <>• Iiuliisfrg:
W liar’s happening ft: Britain, ini
J:»i Surthcotl and Petra Rogers,
£T,. 00 . The Policy Studies
Institute. 1-2 Castle Lane.
London SW1E GDft.

Computer aid for first-time users

FOR A pice of £78,000
Applicon (0th - 429 ‘ 7227) is
offering a (computer - aided
design: equipment that should
prove attract! e to first time
users.

These pat caged systems
include' all th: hardware and
software for ether mechanical

draughting or|
design. The

printed circuit
basic system

includes mlin processor,
display procesir, a 200 mega-

byte removable disc and a
dual density tape subsystem.

The basic system is supplied
to support mechanical or elec-
tronic graphics (but not both),
one or two workstations and a
maximum of three concurrent
tasks or activities. Field up-
grading is possible to allow for
four workstations and more
work.

The basic system includes a
console printer, monochrome
graphics workstation and one of
the two software packages.

Micron Herbi hand-held sprayer

This is the Micron Herbi, * hand-held battery-driven sprayer
designed to control weeds in amenity areas. The system,
which allows an operator to spray up to one acre an hour,
uses an oil and water emulsion. CDA C hemi cals, 16, Vine'
Street, BUJingborough, Sleaford. lines. (05294 456) says that
a tennis court can be sprayed in 10 .minutes.

. . . and one from a knapsack

Philips additions for better
response by bank cashiers

MODERN banking technology
means a visual display terminal
for each cashier connected
directly to the bank’s main-
frame.

Cashiers should be able to
respond quicklF to customer
needs and inquiries — but only
if the desk terminal can talk
quickly to the mainframe com-
puter.

Conventional connections
between mainframes and ter-
minals can be both expensive
and slow. Philips has now
added new hardware and soft-
ware to its financial automation
system to improve matters.

The first UK user of its new
equipment— which it calls local
workstation interface— is the
Yorkshire Bank.

It has 1,400 cashiers on-line
to* its mainframes. What
Philips has done is in the main-
stream of networking thinking
thhse days.

The terminals are connected
to a terminal • controller
through multipoint cabling and

a small computer — which
Philips calls its processor for
line control — monitors the ter-
minals. collects message from
the main memory of the main-
frame or stores messages from
tbe terminals. This without
adding much lo the workload
on the main computer. So the

whole system can run faster
and more efficiently.

Philips says ils design rules
fit closely with international
standards proposals which arc
expected to govern the way all
computers are linked together
soon.

ALAN CANE

Digital display system

THE LATEST colour graphics
display subsystem from Digital
Equipment (0734 86S711) will
take data from the PDP-11 or
VAX-11 computers and display
it in up to 16 colours, as mimics
or graphics, on multiple screens.

Called VT 36. the unit com-
bines an integral 16 bit micro-
processor based controller with
sophisticated graphics software.
All the display tasks are per-
formed internally , 1 earing the

user to concentrate on his
application.

The system can also perform
dynamic picture updating, auto-
matically displaying changes in
the user's database as they
occur. It is thus particularly
relevant to applications such as
process monitoring and public
utility' network control, where
the speed with which operators
and system controllers can
react to new conditions is often
a crucial factor.

Head probe
for Zeiss
machines
on display

CHECKING a workpiece shape
with complicated curvatures,
cither manually or by touch
prube. can be a difficult and
time consuming process*.

A typical example would be
a ear body panel where the de-
signer would define the shape
be a series of curves, each ap-
plicable to a cerium section,
j llahn and Kolb of Leicester
j Road. Rugby <U7SS 74261 >
which market:. Ihe Zeiss series
I of CNC 3-D measuring
machines has announced a new
! probe head fur the series winch
can now carry out scanning
automatically u-ing a Hewlett
Packard computer.

Co-ordinate values fur points
along ihe sea u are stored at a
rale ot 120 points per second
and then transferred to the
lumpuicr. Because of tho cIoms
spacing of the points the output
is described as ” virtually
analog."

One of the computer peri-
pherals is a multi-colour chart
plotter. This plots each speci-
fied curve and depicts us rela-
tionship to the overall shape of
ihe workpiece. By the applica-
tion of a different colour the
plotter then produces the curve
measured hv the machine.

The resulting chart can show
ihe inspector whether the shape
of the product is acceptable and
can also show the location and
degree of inaccuracy.

The probe is in continuous
contact with the surface to bo
checked and can float freely in
three linear axes. In practice,
it is clamped in two axes and
incorporated in a control loop
which constantly seeks aero
probe deflection.

Up to 25 probes can be
mounted .in five positions and
with an appropriate array the
machine can perform complex
measuring routines without any
change of probes.

A machine with the new
scanning head goes on display
todav on Stand 400S at the
National Exhibition Centre.

If' you miss that Malcolm
Lockie at Rugby or Carl Zeiss
D-70S2, Oberkochen. West
Germany, will be pleased to tell
you more.

MAX COMMANDER

Still on sprayers and . E.
Allman of Birdham Road.
Chichester, Sussex (0243
512511) has introduced its
AFT 20 knapsack sprayer.
With a diaphragh . ptnnp and

20 litres capacity, the regu-
lating - valve can . adjust
spraying pressure '.from I to
3 bar (14 to '43 psi). It costs
£35 plus VAT. •

UNIEK IN NEDERLAND

BankMees & Hope MV. [ Marine Midkind Bank NA

Give you prices of all major
currencies every few minutes
quoted against the Guilder and
directly from the Bank's dealing

room.

Offer rrxxTthly forecasts for the
important currencies, plus currency
overview and daily market reports
and forecasts from .the Singapore,
London and New York forex markets.

Via the Foreign Exchange on Vtditel

The financial Times in corgunefon with Bank
Mees& Hope & Maine MidtandBank .
request the pleasured your presence at a

Presentation of Foreign Exchange
onVfcUtefc .

16 March 17Mq£fr

The Hilton Hofei TheHilton

Apdtoiaan 138-140 WeenalO
Amsterdam Rotterdam

Between the hours of 11 am & 7 pm

RSVP — before 10 March

Name

Hotel*

Address

Please fill in the coupon and rehjmta
Attn. Ms Judith Porter, HnfuliM 102-106

ClerieenweB React London. EC1M 5SA, England

| company

I

I

I

I

I

1

Postcode

NO. of attendants

I wUI be present in □ Amsteidam — 16 March
Ofcottwdarn— 17 Match

1

Strapping for
newspapers

PAKSEAL Industries has intro-
duced its Pakseal Beta 80/2
fully automated tandem strap-
ping system designed for tbe
newspaper industry ' to match
bundle strapping speed with
print run production rates.

The rwo strapping heads,
linked by a turntable to turn
the bundle through 90 degrees,
is microprocessor . controlled.
Details from Pakseal; Cord-
waliis Estate, Maidenhead,
Berks (0628 26381).

Become a
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20

Financial Times Thursday March 23 1982

THE MANAGEMENT PAGE: Marketing

EDITED BY CHRISTOPHER LORENZ

Market research
solid but
lacking growth

DESPITE a gloomy prediction will accept the advice,
of the national future from its Stephan Buck of AGB also
new chairman, Dr Ralph took a"- vital topic— consumer
Dahrendorf, the Market panel research — which
Research Society celebrated its accounts for 15 per cent of all
silver jubilee in Brighton last research spending in the UK
week with a confidence and He gave an example of its use-
breadth of activity which fulness: his company set up a
would have awed the select panel of video owners and dis-
few who gathered for the first covered that the average
conference, weekly viewing of the video is

The conference papers sum over 17 hours hut SQ per cent
it up: a booklet of over 500 of this is of self-recorded tapes
pages covering such diverse a s against 14 per cent for pre-

topics as what the SDP means
to its members to research on
developing a new game of foot-
ball for the Football League.

In between were such hardy
annual specialist subjects as
“ computer aided coding of
open questions."

Inevitably the market re-
searchers spent a good deal of
time on their favourite subject
— the market research

dustry. Martin Simmons . _

Gordon Simmons showed how aGB's consumer panels,
the industry had grown: over

two hundred research com-
panies undertook business
worth £109m'last year, a seven
fold growth in real terms since
1969. But since 1978 there has
been no growth and Martin
Simmons tried to find out why
by questioning ’-fifty of the
largest companies in the
country.- the main buyers of
research.

As in most market research
findings many of the conclu-
sions are obvious, but the
marketing men were sur-
prisingly ignorant about such
facts as the size of the research
industry— most thought it
much larger — and the profit-
ability of the firms — they esti-
mated it at 10 per cent while
most ad hoc research com-
panies manage on 2.5 per cent
profit to turnover.

However, the clients thought
that market research was a
good thing, although they con-
sidered political polls were bad
for its overall image. The basic
conclusion was that the market
research industry needed to
publicise itself more, especi-
ally among key marketing
directors.

The attraction of the Market
Research Society conference is

recorded. Such dam has major
implications for the television
advertising industry, especially
as by the end of this year 10
per cent of homes are expected
to have a video.

AGB's great rival Nielsen, in
the form of John Whitaker
and John Lay, concentrated on
how technological develop-
ments would enable Nielsen’s
great profit earner— retail
°f auditing— to combine with

By

1985 a thousand stores are
likely to have scanners which
will carry out market research
electronicallv.

Perhaps of special interest to
the 700 delegates at the con-
ference was the survey of
salary levels from Eric Adler
Associates. A graduate with
seven years 5 experience work-
ing in a research company or
manufacturing industry, could
expect to earn £15,000 plus. If
employed by an advertising
agency this shot up to £25,000
plus.

Political

What would have surprised
researchers of 25 years ago is -
the number of papers devoted
to social and political issues,
for example a study which used
pictorial cards to find out what
the elderly wanted in old
people's homes rather than
relying on verbal interviews—
and the decline in papers on
advertising research. Jack
Potter of Alpha made a plea
for more post-testing of TV
commercials to see whether the
brand is registering itself on
the public awareness (the BP
article alongside draws what
this can reveal). What would

the opportunity it provides of have reassured the pioneers is

the constant flow of interesting -
facts that emerge from every
MRS gathering.

To pick a few at random:
the percentage of letter mail
consisting of greetings cards
has more than doubled to 5.2
per cent of the post in the last
five years while picture post-
cards have halved to 1.1 per
cent: a half of train travellers
hardly ever experience late
trains but are upset about the
cleanliness of trains, or lad: of
it: only 19 p?r cent . of
adults in the London catchment
area ever visit a West End
theatre but one-third of theatre-
goers account for over two-
thirds of seats sold.

getting op to date with im-
portant research subjects.
Electoral polls is the area where
research has most contact with
the public, mainly in its role as
newspaper readers. Robert
Worcester of MORI provided a
history of the subject and
pointers to the future, disclos-
ing on the way that only a third
of the public is impressed by
po’ls but that they did influence
voting behaviour, not, as
might be predicted, by estab-
lishing a bandwagon for the
likely winner but bv rallving
adherents to the underdog.
Such a conclusion, which goes
against received wisdom, shows
the value of research but it
does not mean that clients,
forced to revise their plans.

Antony Thomcroft

How BP danced into
the limelight

David Churchill on the oil giant’s £6m campaign

TWO MEN are drinking in a
pub. “ Name me one example
of British success and HI buy
the next round," says one, with
typically alcoholic bravado. His
friend furrows his brow with
concentration at the obvious
difficulty posed by such a ques-
tion.

Help is at hand as a third
man (off-screen, since this is a
television commercial) inter-
rupts: “Step outside and 1*11
show you.”

In the time-honoured tradi-
tion the two duly “step
outside ’’—only to find them-
selves buffeted against the wind
on an oil-rig in the middle of
the North Sea. “Blimey, the
car park's flooded.” says one.
“This is British — and it’s suc-
cessful," says the voice-over.

“Now, put these on,” and be
throws two Parka coats tq the
bemused twosome still clutch-
ing their pints of beer.

In a flash they are whisked to
the sub-zero temperatures of
Alaska and stand next to a
pipeline stretching endlessly
across the frozen wastes. Their
pints are frozen solid.

“This is the world’s most
ambitious pipeline — and it’s
British,” says the voice, adding,
“Come on, we’re off to the
ballet” At which point they
step on to the stage In the
midst of a clutch of tutu-clad
ballerinas. “ Hear that music?"
says the voice. “ The same
British company developed the
plastic that turned it into
millions of records.”

As the two men leave the
stage, one catches, the bouquet
meant for the dancer. “Well, my
round, imt?", he says.

Back in the pub, with fresh
drinks all round, the third man
says: “It’s so British, you may
not have heard how successful
it is ”

"Well, come on then, who is
it?"

“BP— Britain at its best"
Fade out ...

That prize-winning- television
commercial is part of the three
year £ 6 m corporate advertising
campaign for BP, the first time
that Britain’s largest company
has sought to change its image
with the general public in this
way.

According to independent
market research. BP has cer-
tainly succeeded in its objective
in a dramatic way. John
Samuels, of the British Market
Research Bureau which has
carried out the survey work,
says. that the attitude changes
measured following the. first
year’s campaigns “ are some of
the largest if not the largest,
that I have ever seen from a
campaign like this."

Persuaders

In the heady days of the
early 1970s North Sea oil rush,
such a strategy seemed to work
as BP featured prominently in
the medh as a major oU
pioneer, and market research
showed a favourable attitude
among opinion formers. Vet by
the late 1970s. special studies
of people’s views of BP showed
not only that BFs image among
opinion-formers was slipping,
but also that awareness of BP
and ks activities among the
general public and in certain
geographical areas had never
been high at all. Clearly, rely-
ing on opinion formers to get
the message- across was not
working for BP.

Moreover, in the relatively
uncharted field of measuring
the effectiveness of corporate
advertising, BP has come up
with some surprising conclu-
sions about various advertising
strategies and uses of media

Perhaps the most surprising
fact, however, is that BP needed
to cany oat any corporate
advertising at alL Most Finan-

cial Times readers would be
expected to have a high-level
awareness of .BP, especially
since- its “communications"
strategy, in the "past has been
aimed at the “opinion formers”
who form the bulk of the FTs
readership. BP— and many
other com panies — believed that
by persuading the persuaders
their opinions would filter down
to the general public.

The reason BP felt it needed
to get its message across was
that the question of North Sea
oil and its value to the British
economy had become a political
issue. BP felt that the public
should be aware of ks activities
in order to forestall any
criticism about its profits (most
of winch went in investment in
new o3 exploration projects) as
weE as its activities as a mtdti-
uationaL It bad nothing to hide
about its rede in the modern
world, but it felt that the man
in the street did not see BP
in this way.

Matt Huber, BFs manager for
corporate advertising, explains
that this “ somewhat hazy, weak
opinion of BP was out of line
with th e scope of the company’s
activities and ns tremendous
success in a number of areas."
The public - perceived BP as a
monolithic, sleeping giant that
was perhaps a little secretive
about its activities and was
some sort of extension of state
industry.

So. in 1979. BFs board
agreed to move towards a
“ higher profile ” foe the
company and to try. to get its
message across directly to the
general public. Five agencies
were asked to pitch for a
corporate advertising campaign:
Saatchi and Saatchi Garland-
Comptqn won the account

“By trying to get our
message across we risked
sremdmg pompous and boring,”
explains Huber. “ However,
Saatchi offered a really creative

A scene from-SP'r prizewinning, commercial

approach that suited our needs
exactly."

So the Saatchi campaign was
aimed at using the British trait
for self-deprecation to make
the point about BP being a
Successful, diverse, and British
company. . -

Since foe aim was to reach
as wide an audience as possible,
television was foe' obvious
medium. However, BP and
Saatchi came up against foe
problem of planning and.
frequency and areas in which
the commercials should be
shown.

While planning and measur-
ing foe effectiveness of a con-
sumer product advertising cam-
paign on television is an
extremely sophisticated opera-
tion, the available knowledge
about corporate advertising cam-
paigns on television was scanty.
Newspapers and magazines had
been the usual medium for this
form of advertising. .

So BP decided that it Would •
initiate its own experimental
programme using a variety of
-media schedules and monitor
foe results with independent
market research.

Thus BP and Saatchi experi-

mented with different levels of
advertising in different areas:
this comprised the conventional
full “burst" of commercials in
foe hope that viewers would
see foe advertisement a certain
number of times; a campaign
at half that frequency; and a
“drip” campaign which showed
foe commercials less frequently
but with the aim of building up
to foe same viewer response as
for a full-burst campaign.

Fascination

Express haste to tackle Mail on Sunday

THE year-old Sunday Ex-
press Magazine has been
given a central role in Express
Newspapers’ fight to keep at
bay the' rival Mail on Sunday
when It is launched in May.

A large number of series
is planned by the Express
magazine to coincide with the
arrival of the Mail on Sun-
day. These are designed, says
Ron Hall, the magazine’s new
editor and former editor of
the Sunday Times Magazine,
to “hook the readers and sus-
tain them through any crisis
of loyalty during the period of
the Mail launch.”

By launch day of Asso c iated
Newspapers’ new Sunday—
May 2— -there will he four
such series running in the Ex-

press magazine. The centre-
piece will be a serialisation of
“Princess.” a biography of the
Princss of Wales by Robert
Lacey, author of “Majesty.”
“May and Junfe should be a
particularly fertile time for
foe Sunday supplements, be-
cause so many big events lend
themselves to colour treat-
ment— the visits of foe Pope
and foe Reagans, foe World
Cup. the royal baby,” says
Hall. “In presenting these foe
Sunday Express will have a
real edge over foe Mail on ,
Sunday,”

Although foe Sunday Ex-
press Magazine was launched
against a background of some
scepticism in foe industry
over whether it would find a
worthwhile spot in the mar-

ket, Express Newspapers con-
tends that tt is approaching
its first birthday as a proven
success. It Is likely that the
next ABC figures will show
that Sunday Express circula-
tion has edged back over the
3m 'mark from 24)92,763 in
July-Dee ember. 1981.

This may, among other fac-
tors, have as much to do with
bingo as the magazine. But
Express Newspapers’ execu-
tives believe it is significant
that the only two Sunday tides
to improve their year-on-year
circulation position in July-
December, 1981— the Sunday
Express by 44*01 copies and
foe News of foe World by
39,063— had recently launched
colour magazines:

Express research indicates
that its magazine enjoyed 13
per cent of Sunday colour
magazine advertising by
volume to the' October-Feb-
rnary period. This analysis
points to much more titan a
simple redistribution of
colour advertising following
T foe arrival of foe Sunday Ex-
press and News of foe World
in foe previously up-market
club Of foe Sunday Times, Ob-
server and Sunday Telegraph.
The Express research sug-
gests an Increase in Snnday
colour magazine volume by
'mare than 25 per cent, at a
time when black and' white
advertising increased by only
about 4 per cent

Alan Pike

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I

To support this approach —
and m the hope of reaching the
ABCI market — the television
commercials were supplemented
with some press advertising
along foe same theme: “BP —
Britain at its best,"

However, BP was conscious
not- to let any fascination with
such experiments make it lose
sight of its original company
objectives.

The results of the campaign,
as measured independently by
BMRB, were probably more
than BP could have hoped for.
On foe “first mention" aware-
ness by the public of an oil
company, BP had for long been
a poor second to Shell in most
people’s minds. Yet BFs adver-
tising campaign soon put it
ahead of its rival, a lead which
it claims to have maintained,
according to the BMRB . re-
search.

On other key image determi-
nants — such as awareness of
*■ British.’’ “ successful ” add
“ more than an oil company, "
BP has overtaken its rivals and
other major UK companies.

The experiments with media
scheduling not onl? helped BP
to plan its campaign better dur-
ing 19S1 and so fir this year,
but also confoundei some of foe
conventional televsion wisdom.
The “ drip ” method of foowing
commercials appeared to work
marginally better than either
foe full or half-weight bursts of
commercials. Moreover. ' the
half-weight burst also worked
nearly as veil as foe full-weight
ones.

BFs experimental approach
and follow-up market research
has helped overtime within BP
the traditional distrust, of foe
worth of adver.isnig and re-
place it with hard evidence
about the cost-fffectiveness of
advertising.

Moreover. BPis^very pleased
with the image -hat the market
research shows it has among
all sections of foe community.

But while BP is basking in
the glow of its new corporate
image — as seer on TV— such
success is no guarantee of finan-
cial resilisjee .n the current
economic climate. Last week it
reported net profits down by
25 per cent to £Llbn.

FRENCH 66

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FINANCIAL TIMES

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21

Financial ‘i-.men 'i.misiuw Mi.i’oh 2'o i(*&2

THE ARTS

slide Festival

Pina Bausch’s ‘1980’

bv MICHAEL COVENEY

Pina Bausch'? Wuppertaler
Tanztheater sA'.eri their most
haunting and extraordinary pro-
duction. / "Sci. until rhe penulti-
mate evening or .Jim Sliavmans
superb festival. It is a piece
of breathtaking scope and
ambition composed in the year
of the title just after the
director's husband had died of
cancer.

It has a Proustian feel of
private intimations and time
.span. ail contained in a strange
liquid open air setting of lawns
tthe stage of the Opera Theatre
is covered in turfi. private
dancing under a hose-p'pc,
taking "lea ar.id family enter-
tainment. sun-bathing, child-
hood tenor, and melancholic
blankness.

We start with a young boy
supping mouthfuls of food from
a large hew I and invoking
sic- Jy the members of his
rr.rly. The boy i§ accompanied
■oughout by stage-hands who
ree hi« plait - ' mi. bring on his
rmonium. A girl measures
't the turf in ,-rvses. The ccnv-
.ny move sen.-umisiv through
e audience tn the strains of
haunting music hall sons,
hand -jivin'? and shoulder-
itretchins in this renarkrhle
= 5 yjp that h\>vers hetvoen
-"dem dart.e mime and
! ■v ou e» a n t o\ p :■ ?r s 1 1 e r < .

There are lu.ishies. •lnieni
or.rlr-siprs af atecHon si: r as
.■ tiri being tes ;, ?d in the nir
: >y a group nt hr ? and having
her fire, r.s i; were. e.vtsrrgMi'thc-i
' Markets .• .*i cor pome
r iiTrc. The hi.i.i.-ets arc ini-
y- 'ar 1 . Lvi;i? i, ,ider ihc;n is
•i fecu it: they arc ;rm >n'.iil *>r.d
; •; "rig tie a-> jC-u do :ii;-
c ?: ".•'cri,?h!y m ,m ill-mad? be.;.

lino v.rc? vith h« ohrinjd.

A Jri. sMii'ig? in -^ee-ihrougli
is bidder tarev.eil by her
“:ipr ; tls. " S-v you round.”

••••:. s v. Rtide ri'u ! . " =•?• •.•. r ' i e sn I
change of Ci:- : ed -jrn-
ccs- es c f i Ion ms !■■ g up

ur.e me:nor? : -ie sequence.

:t is a •'!?:; cult work, not
leas*. lira Bauscit

leaves sc 3ii«ny choices to the
audience. Where to look, for
a si art. Ai'.er a ^creaming com-
pany nightmare. ;he singe us
thrown into onchf lighting.

Sun bathers take up their peti-
tions. each v.-ith a (Jet ji led
physical characterisation until
the whole stage picture gels in
images o i ' shcu’dc-s. arms, and
a stt'jjring vs :■■•»»}■ of facia!
poses: the sculptured gravity
of this is continuously under-
cut. no’' !e by the man under
the origin? I V infect baring his
^'trem to the hrjl The scrind-
tr.:ek :.i *hi> po"v. is biann?

■'it Judy tl'-.ii.cul singing
" lionev. Ii?r? Over the Rain-
bow" with full; applause and third piece next week.

Kaversids Studios

The Sea

by ROSALIND CARNE

encore. The staee resembles
Seurat's "Bathers" in 3-D.

The company forms scenes of
domestic passivity as a conjuror
entertains them. Simultaneously
a young boy and girl play
garden games upstage while
two other statuesque performers
take tea trays through the
stalls. We now have three shows
coins; on. and we are asked to
follow whichever we please. The
entire effect of overlaying
action with complimentary or
contradictory statements is one
of the most stunning X have
ever experienced.

The domestic scenes are
played against a background of
Alfred Duller singing Shakes-
pearian pastoral songs. This
Chekhovian mood is ruptured by
the company being quizzed as
to their fears. their ambitions,
rheir national characteristics,
their real-life scars and the
qualities of the dinosaur. One
girl with a startlingly husky
mice shouts out that she is
afraid of madness and death.
Is that all? shouts back a voice
high in the theatre. Thai's
enough, she replies.

Twice the dancers Form a
circle and sit on bentwood
chairs. They play childish
games and are fragmented by
the working lights into a com-
pany discussing, in nearly
inaudible whispers, their lives
and their work. The instrumem
of the ensemble both projects a
private :hijki and. literally,
.nipedes :tx artistic expression,
a* a dr.nccr performs a classical
routine *iehind the lines.

i-- den-’e. difficult. seduc-
tive aii'i worrying, it is also
v-.ry funny. Th.? sun-bathers
became von testa r. is ft a beauty
contest, each showing a leg in
a hudrtli’d line and shouting
out ludicrous hobbies and
ambi'icns. The bereaved hny
become -< one of Sheir number.
Inexplicable images, such 3s a
■stuffed deer and the strange
apparition of a man working
• : . it on i he parallel bars, arc
allowed to fester before being
charged down in a single cut-
ting remark.

Death and separation can
only be faced by pouring the
experience back into our lives
and work, rationalising the
pain. a.s Proust did. in a con-
struction of art. This »s the
positive function of nostalgia
and it permeates IPSO in a way
I never believed possible in a
theatre. The show combines the
Technical craft and humour of
noKiakthot with the exhausting
emotionalism of Bluehenrd and
brine? an extraordinary festival
to a iri'.imphjnt close. I shall
cone 'tide my coverage m a

Student productions can
occasionally throw new light on
old plays. They certainly lay
here the difficulties in this case
fbr d !«!«;?! ion between Edward
i?ond’s '=!■'- ,-p >ficial coined;- and
ambitious exploration
r.“ h'l-r.rn ??n:rr imns. nnd
. - .«:ivi i These .• nun? ac'ors
■'n-,' T'.i. r . y t/v' u make a
iob n? p-^blem^iu- work
: fi- seen m The Royal Court
"j ?7::i. I'-ough. a® mirsht he
<••.•.^5 il’p tighter episodes
a.--’ Ihv :ilOaT ruccesiful

ter.nif'iT v.’tll'ams siiov/s
nr^’iir*- :■« ihv peremptory Mrs
n- ;j. leading lady uf the tniail
!•;.•• >;na ; i. tnv.n. home of

pevuiirr cring- on after a
-t'-rmy night Shr- shines in the
Jciighttiii ploy vifhin a ploy,
■“•■■pheus and Eurydice in an
Et‘ n-ardian drawing mom.
c-iecutc-ti ’• i’b spiiited satire

and plenty of individual
histrionics.

This is the first of three col-
laborations between The Drama
Studio and The Theatre Design
Course at The Riverside. John
Warden is the designer, very
much in school of Hayden
Griffin. Associated Head of the
course. His set is spare, blue
and serviceable, though not
wildly imaginative. Against a
still, mariop backcloth and
yellow humped cliffs, wooden
frames and simple furniture
create the Rafi house or the
draper's shop.

Don Juan Covie* Back From
the War by 0. von Horvath,
translated by Christopher
Hampion. will be presented
thi® weekend, and a western
musical. Stiver Queen Saloon
by Paul Foster, runs through-
out next week.

A scene from * 1980 *■

Camden Festival

Troilus and Cressida

bv RONALD CRICHTON

The news, so long ago now.
that Walton had chosen Troilus
and Cressida as the subject for
an opera stirred hopes that
Shakespearian bitterness and
gall would 3ppeal strongly to
the composer of the melancholy
inusings of the viola concerto,
of the sulphurous scherzo of ihe
first symphony, of the mourn-
ing in the middle or Bc!slia::ar.
But Christopher H assail based
his libretto on Boccaccio and
Chaucer and four other quali-
ties there, turning out some-
thing like Rupert Brooke might
have written as 3n opera text
had he acquired Hassali's
theatrical experience. The opera
has faithful admirers, though
on Tuesday night they did not
fill Ihe Logan Hall in Bedford-
Way for Camden's 80th birthday
offering lo Walrnn — a concert
performance of Troilws in the
version made for Janet Baker'
at Covent Garden a few years
ago. The perfomiers were
Chelsea Opera Group, conducted
by Roderick Rrydon.

One honed a concert perfor-
mance might give the score the
bite lacking in the opera hou«?.
but the usual impression of
drawn-out lyricism. " beautiful "
bur enervating, persisied. And
where was rhe Iialier.jie ele-
ment? Nowhere to be heard,
except perhaps in the sextet.
The lovers’ music mighr sound
Italianate in Italian thmais bui
not in English ones. Grateful
vocal lines, yes. also a recurrent

weakness for upward leaps of an
octave like the beginning of
the violin concerto. Truiliut on
Tuesday came out as English
as could be. a chain of pastorals
Rooting somewhere between
planetary Holst and gloomy
Warlock, with a few jabs in the
arm from Ravel across the
water.

Jill Gomez was announced for
Cressida. but since the Baker
version was preferred, we heard
the young mezzo Jean Bailey,
who sang cleanly, purely, with
finely focused tone. She made
the lament in act 3. * So answer-
ing sign on the waJIs ' into the
evenings most distinctive
momeni. Miss Bailey did not
put much drama into the role,
but this young widow craving
for securiiv who makes a fatal
miscalculation is nor a very
interesting character. The
dependable David Hillman did
his best to bring the conven-
Tinnaify drawn Troilus to fife.
Rk-ndrd An gas boomed mightily
as the unspeakable Caikas.
Bernard Dickerson dealt tact-
fully with the faded quips of
Pandarus. Like Oiakar Kraus
in the original production.
Christopher Booth-Jones dis-
covered that Diomede ts the best
role in the opera. The COG
Chorus was enthusiastic, the
Orchestra happier in fast music
than in lyrical pages 'where
smudges v/ere difficult to con-
Mr Erydon conducted with
unobtrusive skill.

Revival at the Monnaie

Max Loppert reports on the progress of one of Europe’s, great opera houses

The Koningklijke M mu-
sh ouw burg — or to give the
alternative - a nth better-known
appellation, the Thefltre Royal
de la Monnaie — stands on .the
Mint -Square sa -the' .heart - of
Brussels, oiie of the world's
great., opera . houses.. Kept
famous in the opera - " History
books by one. of the" most
notable moments of flashpoint
between opera and national
politics in the 19th century—
the performance of Aubeifs
Masaniello that led immediately
to local riot and national -revo-
lution — the house served quite
as -notably, in subsequent
decades, as the second house
of the francophone operatic
world, often significantly more
advanced than the ; Parisian
first. Melba and Rose . Caron
were not the only ''leading
singers to take the first steps of
their European careers there:
Massenet's Hero diode, Beyer’s
Sigurd and the French transla-
tions of Aida and Meislerstnger
were among many . Monnaie
premieres; and Belgium, of
course, has supplied France
with major singers ( among
them Fernand Ansseau,
recently Rita Gorr and Josd van
Dam) much as Wales' has
supplied England.

But in the period after the
last war the theatre’s artistic
fortunes fell into decline.
Artistic direction by the- : dis-
tinguished tenor Joseph Roga-
tchewsky (1953-59) .and
Maurice Huismans (1959-81)
achieved, .at best, individual
evenings rather than a
coherent, lively artistic policy
— Huismans is likely to be.
remembered above alL for
attracting Bejart to Brussels
for the I960 foundation of tbe
Ballet of the 20th Century.
Regular reports printed in Opera
magazine chronicled unimagi-
native repertory and casting,
low orchestral and choral
standards, and heated dispute
during the period when the.
young Belgian conductor’
Francois Huybrechts was in
musical charge, occasionally
mitigated by " events " such as
Elisabeth Schwarzkopfs and
Hotter's farewells, or the 1980
first performances - of Oliver
Knussen's Where the Wild
Things Are. As one who for 10

years closely scanned the
carielUrne for a reason to visit.
Brussels. I found very little
that promised to raioir le
voyage, . .

■ .But., since- the beginning, of
the current season, waves of-
revitalisation have been Bowing,
through the Monnaie. A youth-
ful Belgian. Gerard Mortier, -
who gained his experience in
Germany and then in Paris
under Liebermann. is General
Administrator of the :National ,
Opera; - John Pritchard and]
Sylvain Cambreling are the'
musical directors, and Gilbert
Defies .(recently admired in
Britain for his Welsh National.
Frau ohne m Schatten) r is chief
producer. There * have been
obstacles tp the renewal, chief
among them the familiar
shortage of money (feelings are
sore on. the score of a budget
for the national company smal-
ler than that allotted to Li£ge
or Antwerp) ,and the. antiquated
facilities of the house, which -
require lengthy periods for the
mounting of each production,.

Tbe Opera Studio, in which
the Monnaie provided theatri-
cal grounding for young pro-
fessionals^ has had to be closed,
to general regret. But plans
for the' future — which include
considered thematic groupings
of works -(this season, ..two - .
Serious Operas. Atcegte and
Ctemema di Tito, of the ISth
century), re-examinations of -
the French repertory (Cendril-
lon and Louise in prospect), a
careful rebuilding of the popu-
lar operatic bases, commissions,
and 20th-century investigations
— imply a serious and imaginary
tive.. approach. The . current -
shortage of Belgian and French
singers of stature necessitates
international casting, of a pre-
cise. non is tar-hungry kind; the.
“ language problem ” — French
or Flemish?. — in the Janacek
operas on which Mortier has his
eye. and the lifelong contracts
of orchestra and chorus mem-
bers are local difficulties. The
longer view is heartening.

The first four opera produc-
tions of Murder's reign have
been Don Carlos (four acts,, in
Italian). Wozzeek, Tosco, and
Luisa Hiller, all much admired.
So it 'waff - with hopes' high~fhat
I went along to the opening
last week' of the fifth, the Paris

version of A locate conducted
by Kenneth Montgomery, with
Sylvia Sass in Gluck's-great and
glorious title-role. . A ."clear. dis^
Unction has -to be made in one’s,
response; far ' though the pro-
duction by Etkeha.rd Grilhler
was insensitive,- unintelligent,
and unmusical - in 'Short; a
disgrace that made a passionate
Glucldan anxwns to 'ineet Sir
Grtibler in -a, dark- "a! ley- it
was the sorr of producer’s felTy -
that is to- be. -.encountered In ahy
leading opera • house today-,,
within the strangulating - - limits
decreed by\ the Mise-en-scene,
the. -performance attained a'
wholly respectable level." -Mr
Montgomery’s conduct of :the
opera was soft and comfortable,
lacking' sacred fire and classical
spaciousness; but the" work of
orchestra (good wind ' section )
and chorus bore .our reports of
the exhaustive periods of pre-
paration they hare been'uhder-
soing. The Ibeatre, a larger
Opgra-Comique, - • is beautiful; •
the pleasures it afforded, were
incidental hut- not irrelevant;

When, early during the over-
ture, the curtains parted.-Xo dis-
gorge three ballerina Fates pos-
turing with scarlet capes, one
began to fear ihe worst; and"
when*.- at Gluck's choral . Irrup-
tion into the end of . the- over-
ture, *'Dieux, render-nous nofrf
rot. . not re pare," one of the -
mighty -strokes of music-drama .
by - anv reckoning, tbe curtains
failed to rise to show the' chorus
(they did so a -page ocso.laterV..
it .was clear what-: we were in:
for. The performance was* the
sum of- mind I ess -cosmetic appli-
cations. :worked- upr ; it seemed.-
with rtjie. express . intention of.
obscuring all that is special and.
important about the. opera-^ils
grandeur of form and ihoiight.
itsiblinding -flashes of emotional,
and - ’psycho] o gic al- pe rception. -
This was" Gluck produced by
someone who believed him bor-
ing— the certain route to mak-
ing him just that.'

So the High Priest left the
stage in the middle, of hi* ludi-
crous invocations. Alrestis
keeled over in.' a. faint after her
grea t moment' .of .decision. . The
dance music; was excised, and
B£j art-type dumpings cluttered-
the action in the temple rifuaiL
The stage; draped in modish
black, kept the chorus on two
flights of . stadium-type steps

. . . and on Opera North’s Nabucco revived in. Manchester \ ::

To Manchester, to discover
how Opera North, a company
now fully at ease in its medium-
sized Leeds home, has learned
to adapt to the refurbished
larger Palace. The latest Opera
North season there, five perfor-
mances in alt, includes a new
Hanon Lescaut and a Britten
Dream, newly borrowed from
ihe Welsh National (of both of
which more on Monday). It
began with Verdi, surging out
with rude, unstoppable splen-
dour into the wider spaces (the
Palace, a London Coliseum
sibling, gilt and mauve and
heavily encrusted with exotica,
looks itself somewhat like an
Aida set of a currently
unfashionable- kind that one
mightn't mind seeing again).

When Nabucco was new, a
season ago, Arthur Jacobs
praised it on this page. I liked
Steven Piralott’s interventionist
production style, thrust out in
insistent spotlight, jam-packed
wiih assertive theatrical cliche
i much of it drawn from ihe
most recem operatic modish-
ness). rather less than he did.
But. brightly conducted' by
Clive Timms, who only heeds
to learn how to “ breathe ”
with his singers rather than
occasionally clipping their
phrases, and handsomely sung
by a chorus small in numbers
but sharp in attack, the produc-
tion drew unarguable convic-
tion from its participants, and
that is always hard to dispraise.
The problems of balance noted

when the Royal Opera gave the
opening season at llte Palace
last year may well expose them-
selves again during The Dream;
early Verdi came across, on
Tuesday at gust, if not gale,
force.

That was despite jsorae alarms
and excursions on the way; for
Pauline Tinsley. Abigail, was
from the first quite evidently'
unwell — the timbres were
clouded, top notes scraggy
and at the close of a brave but
increasingly anxious- making

Act 2 first scene fell to the
floor in a faint- After a short
announcement of her indisposi-
tion and. a pause, the. show
went on, and the soprano went
on with it actually improving
in vocal form, managing even
some dean, glittering lines in
the duet While the perform-
ance- could only suggest how
powerful this Abigail must still
be in full health, of the singer’s
courage and. .professionalism it
gave a magnificently clear
example.

I have not encountered
Norman Bailey in the title role
for a long while (since, to be .
exact, the mid-sixties in Johan-
nesburg). That was before the
full thrust of an international
career, and many Hans Sachses
and Wotans. The voice no
longer commands a properly '
Verdian tonal focus or ease of
projection, and so the big
fourth act aria was a struggle,
though one manfully mastered.. .
Yet in terms of presence — the
factors imponderable and un-

analysable that make Mr Bailey
such ■ an authoritative stage
figure — he held the attention at
every moment.

Robert "Ferguson’s .Isbmael
was urgent blit unsteady. Anne
Mason’s Fenena attractive but
not yet ripe; John Tranter
secured a firm grasp of the
great bass role without quite
banishing an nir of ..English
reserve. Except in the delivery

Saleroom - .

(which at least ensured their
presence, unlike recently a)
Covent Garden, for the full
length' of the second ad). Dur-
ing ■■Pare* vos -fieur.s” Alcestis's
children, got up like Hie rest
in pseudo-Velasquez apparel,
danced - a coy 1 i - lie minuet.
When; during the final chorus,.
Admetus was reclaimed for
death hy those three Fates. - "t%e-
nadir of nonsense 'was neatly
niarked:

The inevitable, and constant
by-product of the evening was
the ' reminder of the miracle
jointly; worked last year, at
Covent Garden by Janet Baker
and Charles Mackerras; also to
make one wonder whether John
Copley’ 5 essentially musical pro-
duction hadn't been under-
praised. More positively. ' the
Brussel^ production suplied, in
the form of the tall, handsome
East German tenor Eberhard
Buchner, an Admetus whose
French was rough but wry
clear, whose not large. voice rose
easily ana trulv ta the heights
of tbe line, and whose presence
was sharply, defined.

The: spectator's- sympathies;
indeed,, were worked an unusual
way round; for the king was a
liTe and communicative charac-
ter, whereas the queen paraded -
around the stage in Miss Sass's
now- familiarly somnambulistic
manner, arm crooked across her
chest. . eyes bent . vacs ntl y on dis-
tant horizons, the, long- hair art-
fully swept back in moments of
high dramai ■Tte. soprano
seemed in more nicely con-
trolled (and less Callas-hnita-
tire) - voice than when last heard
at Covent Garden — -and. a true
-soprano, unlike Janet . Baker's
mezzo, it suited much of the
role, if not fully its heroic
utterances; much of .'the phraK-
ing wao shapely, -But. rhe unin-
telligible French meant that.-
like the impersonation hers
was an abstract, and abstracted,
manner of sineinz: -the warmth,
depth. - and emotional various-
ness of Alcestis's portrayal were
nowhere lo he -had. Perhaps,
in such a production, that would
have been too much to hope for
from whoever undertook the
rale; hut is it now too late for
someone to rake hold of such a
wayward, richly talented per-
former and shake some red-
blooded vitality put of hcrT

of .- the two - principals, the
Italian language received from
an. all-British cast sadly coarse
treatment. Nabucco by the
powerful forces of its music
alone; can stir an auriiencer but
the vigorous rough-hewn in-
telligence of its drama deserves
the fuDer appreciation of an
Opera North audience than the
company here allowed it •

record

A pair of William - HI silver
gilt ewers, and a basin,, pictured
here, sold for £226,800 at
Christie's yesterday to Aspreys.

H was a record price for- a- 4ot
of English silver.. The set was
made by Benjamin Pyne in
1699 ; and; the. price was way.-
above forecast. ; Another very;,
high 'price was "the £172,800. .
also "paid by Aspreys, for a
Queen Anne toilet- .service by
Colin McKenzie of ■ Edinburgh,'.
1703.. Rie auction - was 'very'
successful, totalling £714,873
with 'just 4 per cent bought ul
A nother . sector returning to
popularity was paintings, of
Middle East interest. .' At
Sotheby’s “ Spoliation . ; di’nn
juif” by the Italian ; artist
Filippo .-Baratti went for

£37.000. plus premium, while
“ TKe interior bf the mosque "
by the Aystriatr artist :RudoIp
Ernst realised ; £38.000: td. th*r
Mathaf Gallery.- -Both-priced
doubled their estimates.

ANTONY THORNCROFT

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COMEDY THEATRE. S M0_2S7S. Ccdlt
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a?0',L0 VICTORIA <OPD ••'ic;or..i 3‘r .

f'iE SOJNO OF MUSIC PE7ULA CLA"h

1., ;-. 7 :o f.!?r Ved -i 5a; 2 30

Olt-Tf 10 am-d om |r. -e-ian-
t. : i— Wi--SiE SPECIAL HOTLINES
01- *23 3365 ---T CREDIT CARD

r-OFINC- 01-254 f.9IP-6IE4 TJL£-

3.. 7A -in:rir'. 2«- :-r -,cr. m.-ita: C :c :
■ =t-i tes-ln-K 01-200 0200. GROUP

SALES 01-373 0761

|

! CRITERION. S 330 5216. CC 379 6S65.
! Grp Li js 635 3962 Mon-Thun 7 30.
Fr and Sat 6 ana 8.45 DARIO FO'S
COMEDY CAN'T PAY"! WONT PAY!

, DRURY LANE. Theatre Ro»al BOOK
! NOW. Perrunil md credit Card hoalinqi
, 336 6102 a.id at an hcLc: agencln. AN

EVENING'S INTERCOURSE with THE
WIDfLI LIKED BARRY HUMPHRIES,
i Mon-Ff. T 30 Sat 5 0 Seals now a*a.l-
■017 tor ia;t 3 mceis.

DRURY LANE. Theatre Bo.al CC 836
• 2 1 OB. THE PIRATES OF PENZANCE.

I C;-;na here Mav 26 8c ohice now
, opco Crous sales 379 6061

■ DUCHESS. S anC CC B36 8243. E«es B.
I Vtnti 3. S.1T S 30 and 8 30. RICHARO
> TODD De-ren Ne.hilt and Carol-

Mowlam m THE BUSINESS OF MURDER.

, LONDON PALLADIUM. GI-437 7373
MICHAEL CRAWFORD >n :ne Broaovr? ■
■ Musical BARNUM. E.j: 7 3D. Mat Vi ;c
and Sat 2 45. GOOD FRIDAY SPECIAL
PERF 7.30. U:o the Ho! me

! 01-437 20S5 01-734 8561 lor instant

'iredl; eard rcior-. jLion;

LYRIC. S CC 4 37 3686 Crc ;alci 5”3
6061 E«es 3 0 Mat Wed 3 C. Sih S 15
Season ends Acrll 10 YOUR LA37
CHANCE TO SEE RICHARD BRIERS
PETER EGAN. Richard Pearson Pal
Hcrwood. Alice Kriqc ir BERNARD
SHAW'S ARM' AND THE MAN.

LYRIC HAMMERSMITH ? 1C O’ -741
2311. Enos 3ar> All pc-!s 5 erd cut —
today 2 5G 3 7 30 tamer 7 ZC Sat

4.30 8 B.1S NOISES OFF t, M.rr ft J
Frayn.

From Mon BERNARD CRIBB’NS •>
THE BEST OF 3PITISH MUSIC MA'.L
LYRIC STUDIO: Ewis Sa»* E.c: 8 c -r
JAMES JOYCE A THE ISRAELITES.

579 S5SS

a;

BARBICAN. 01-628 377S_ ROYAL

SHAKESPEARE COMPANY. Posl.1i jd -
■111 oeee tor PSC s "rst .-.e.-sdn -5 mj.-
77 Je.vi -’t ths EaraiCa" Thca^e and
the Pic. RSC alio a: in-? Pi-;:»eii|v.

| M'jman i n c i

l DUKE OF YORK'S. 856 5122. CC B5S
I 9837. Crouc UIM 379 6061. E»«n

”45 Sat 3 1 5 Mat Thurs 3.0 A Sat
I 5.0 Simon Callow A Patrick Ryccart in
| J. P. Donleavy a BALTHAZAR. Eniov
■ ere-sho* suooer a! Cafe Cr.arto plus rkt
for L7 80. Tel. 01-930 4740.

BARBICAN HALL Baiilcm Csrtre EC2.
CC 01-638 B891. Rr-jer\ations 01-628

4705 Ta^.ii I OO Dm. LcmUon Svmnnon.

0- thcilrj Chi'dran s Cancer r Ycnudi
Men jnin coid-jTlar Jin Li rlor.n. Fre.
ennne mei-Jdes moremcni; ‘mm the
BtS! - .n:icn Violin CorurtC. TchaiLovsi-.v
Symphony Me. 4 aim Strarmsi ■■ Cirrus
Poli-B. Tcn't 7.TS pm. Larder Symphart

Orsrrstra. Yehudi Menuhin condu;:*r.
Jlr Li . loliri _ iaiTinlly- Circus Polka
lor a Ye-jri Eieonpnt Bretopyon: Viatin
Con-crto. Tcha lOTiLy- -jympncnv No. 4.
Tomor 8.00 c»r.. English Crnmtser

01 - :hcstra. Chafes Mackerras ran duster.

Par: or Sir Wl'lum V/altrr's 8C7h Birtr-
isa-» Ceictr.itio.-s Bash; W liter- Suit'.
The Wlsr Vlrpn.. R Styuss: Outt
Ccncertlno V/ikoe- rutw. T wo Dlc-:es
:rem Fti-i V p. St.as-js. L<- Iwiptt. :
<JertHherr.me S.-mu seats still a.u.laelv.

CAMBRIDGE. CC 01-335 14E3<C0S6:

7040 Eves Tuei-Fri 7 3t Sat ti.D-3 5
9 ac. For a "■"••ltd s-'.asor' FREDDIE
STARR- MIKE GCasaea PEPE & H15
FKIENCS 7* ts ■ ir- 12.50. Pare. nv.tj;
01 -33£- 2179. Te.edita Of -200 Cage

GARRICK. CC B3C- 4601. Eves 8. Mats
Wed 3 Sat S A 8. 11th HYSTERICAL
YEAR OF THE LONGEST-RUNNING
COMEDY IN THE WORLD. NO SEX
PLEASE— WE'RE BRITISH. Directed by
Allen Dun; Group sales Eoc OtliLe 379
6061. Credit care bonttlnai 930 0731.

GLOBE. 5 CC 437 1592 439 6770-6779.
PASS THE BUTLER. The new corned* h,t
b* Eric Idle with WILLIAM HUSHTON.
JOHN FORTUNE. MADGE RYAN and

PETER JONES. Mon-Thurj BO Fr, A

Sat 6 0 A 8.4S. PERFS GOOD FRI
EASTER MON 8 Dm. GrouD sales Boy.
odice 379 6061

GREENWICH. S. CC OI-BSS 7755. E.en-
■ nss 7 45. Mats. Sat. 2.30. EDWARD
V/caawsFD m Sartre's THE ASSASSIN.

HAYMAPKET THEATRE ROYAL. 930
9832 Eyet 7 30. Mats Wed 2 30 Sat
4 C3. Deem April I at 7.00 orpvlcws
;.:rnine.-;.n-i ton I PETER BARKWORTH
ANTHONY QUAYLE MICHAEL

DENISON OULCIE GRAY m A COAT
OF VARNISH. A new play By Ronald
M, Car running in •« pc none with Hobsons

Choree.

MAYFAIR. 629 3036. CC
Grp 01 91 830 3902 Elgs 2
6 0 A 9 0 Ap- 5 at 7 c Lee- v
HOfmerr Sarah M:N.i.r Mlthei? Ma -
in BOOGIE. Scats £7 50 & £4 55

Theatre 3 Tiddv Dch Skoner i-i HZ 2 Z

, MERMAID TH. ElatMr ar> EC4 C!-25i
; 5568 S CC 01-23-: 5324 Eves 1C '■

& Sat S 15 & 4.30 ALEC MrCOWaN
>» THE PORTAGE TO SAN CRISTC7AL
: OF A.H. Adaotnl 0* Chr ircoher Hanetcn
I from Gcor-je Stetner'j npvc 1

: NATIONAL THEATRE. 5 929 2232

OLIVIER 'open tiase- Ton'; Tcnb 3 3C
; THE ORESTEIA .r it: -.-nt.r-r, -plea.i
1 be aroirr; lor 5.30 am start — r ;e. •:
I latecomer., must surd til nu.-rral ••-y-.:
I S Pit" Is tonrar 5«: Mon Tues 4, *. :i

l at I ; am Hiawatha. Adults 64 CO
1 1 6-rear-olus & unoer £2 00. No eu-.

. seaeii

( LYTTELTON ipnjttrnium state. Tee is
S.00 -low price mat* A ’as ON 7HI
1 RA2ZLE hv Tom Srorr.-rcf Tine- 7 43
i THE SECOND MRS TANQUERAY.

1 CQTTESX.de i small auditorium —

‘ D. ice tkt3< Tor "I Ton-c.' 7 30 TRUE
WEST by Sant Shcoa'd.

Car part.. Restaurant 928 ZOu3. Cr.d>:
car fl tl 7S 928 5933,_

COLISEUM 5 356 Slol CC 240 5258 I HAVMARI
ENGLISH NATIONAL OPERA. Last 4erf t 4075-6
tr.nihhl 7.00 Y.'.NOfl. 7omD-, TuCk I 7 30 Sat
7.;a. LA SCHiME. 5a:. Wafl 7.3fl; i A MADE LI

MADAM CUT "ERFLN .

Group uley 379 6061.

.... mat SO FRANK riNLAY .»
AMADEUS cv PETER SHAFFER. Directed
U. PETER HALL.

; .NT alio at HER MAJESTY'S.

NEW LONDON. CC Dr»'< Lane VrC2
Ot-4CS 0072 or 01-404 4579 E»: 7

T ueo and 5at 3.V and 7.4S. The A--;. n*.
Liord-Wesb'r-T. 5 iliat Awi-b w.r. ;
m uyic.il CATS. Grous 9ooy.ni'. :t.47j
1567 or Ci-379 6061. LATECiM!;;
NOT ADMITTED WHILE i’JD''0=

IS IN MOTION PLEASC BE PROMPT.
_No» booL ma till Scot 4

‘ PALACE. CC □ t -457 6B7-4. A.-n. -,W

: Llove- Webber’s SONG A NO DANCE A

| ccrcc-r: tor the thearre. 5 l.it— ; '.la.-i

! Weob m TELL ME ON A SUNDAY A
1 Wayne Sleco In VARIATIONS. Me-.F-i
i 8 nm. Maty -.Ved 3 SaL: 5.45. J J{
Now booLin-] from Mail! 26. First
nioht Wed April 7 at 7 pm.

C! 616 2294-B61 1 E.ei 3 0 Fri A _Sat
: C . 3 0 ONE MO - TIME' THE GREAT
N-ff ORLEANS MUSICAL' ONE MO'
T V: IS A GOOO TIME' Group u'cc
C-3"? 6361 ?:hd Ttleeata 01-200
C23C 'er instant confirmed CC bks*. 24
n; per&oral ser.icet available.

PTCC4DILLY. 5 437 4506. CC 379 656S.
G'-euc :a.e: 0'.-B3£ 3962. 379 6D61.
Fret til el a Lev 720 2324 Mon-Fri 7.30.
Mi: W?3 3.3 Sat 3 30 i 8 IS ROYAL
Shakespeare company m Will,
Ruisell'! new corned . EDUCATING RITA.

PRINCE EDWARD. Clo Compton SI Tim
P-:e *10 Andrew Lib .d- Webber's I VITA .
Diructc; ay Harold Pr.ite E'Bi a OO
Ms; Thurs leconcrny pri:e' and Sat S 0
E . ■; rerr rr-os 16 15. S 60a OfllCe 4 3
0?“7 CC Hot'ine 439 9499. Grous -,afe*
37c 6CS1 or Ed» Ohice For Instant
24 r.r tr.^s fins Ti-iccata Ot-200 0200

SHAW THEATRE. 388 13 9 4^ Comoiny of
Three oroduettons OTHELLO, tveolnoi
7 am. Matinee) 2 pm.

ST. MARTIN'S. CC 836 1443. EvBS 8 00
Tun 2 45. Sat ..0 A 8.0. Good Fri
8.00. Agatha Christie's THE MOUSE-
TRAP-. Worlds longest -ner run. SOtli
Year

SHAFTESBURY. 5 CC Shaftesbury Ave.
WC3. Tel. Boa Office 8 SB 659b 2nd
Year Neil Slmor's Hit Musical. Welcome
hack lor a seaion TOM CONTI with
5KEILA BRAND. THEY’RE PLAYING
OUR SONG. OAFS £4 iWed mat onlvl.
Students C4 Evgs 8 0. Mat Wed 3.
Sati S A 8.30 Credit, card, bkgs 950
0751 <4 linen 9.00-7-00. Sats 9 00-
4.30. Red group bkgs 01-839 3092.

PRINCE OF WALES THEATRE. 930 8631 .

7-7 riutt.ne 930 0B4 q or TvKdata 01-200
0267 .24 nr 5..1, .. ROY HUPD.

CHRISTOPHER TIMOTHY in UNDER-
NEATH THE ARCHES. 4 mutual Of the
F'inajai 3 Alien ito-,. E»gt Man-
7iC. Fr, *, Sy| .it 5 15 3 3 30.
Peris -is norma in Good Friday. Group
Co« Oil nt 01-379 60CI.

QUEENS. S CC 01-734 line 439 3849.
AZZ’ G :.-o Sales 01 -379 6061 E»en.
•1; S -3C M.-t Wee 3 09 Sa: 3 IS and
2 77 ANOTHER COUNTRY by Julian

R A 1 MONO REVUEBAR. CC 91-734 1593
A'. 7 CL. 9 OD ana 11.00 am. Open
3- •: PAUL P.A YMONO presents THE
FESTIVAL OF EROTICA.

ROYAL COURT. S CC 730 1745 E-ot
! : ra.-t s*- 4 OO 3ai mat all seau
62 Last *oe- OPERATION BAD
APPLE ;• a r Ntmjn

SADLER'S WELLS THEATRE EC1. 837
I - ” 7 1 u7 5 *856 C-::i- cares 10 am to
s :r 2*8 0571 B37 7505. Grp sales
- -T 'r iOjt 24 r.. .„v:anti, corhrmed

:to 020c. _

3ALLET RAMBERT. Last 5 Deris’

T»n : Tomo A_Sat 7 60 Dm NIGHT
M*J61C EERLIN REQUIEM.

THE GYPSY PRINCESS — Viennese
C:-. -tn Marth 31 :o A sir! IT. Eves
■ 32 Mats 'St .cetisi ormti ,-iceol April
6 40-11 6 8 10 13 17 at 2 3C im

; tr.nq Otcr; &_ Dance 5*ibKripl«M
Season. . r. . ul'-.f 6555 tor brochure

AMPLE FREE PARKING after 6.30 pm.

,'C E.43 SIMON WARD. BARBARA
MURRAY. CLIFFORD ROSE >n FRANCIS
O JRBP.IDGE'S Hi: Th, .tier HOUSE
‘SULST. LAST WEEK. ENDS SATURDAY.

SAVOY. S. 01-836 8888. CC 930 0731.
r.- - arc-.- >e> Mar 30 7 as. Ooens.

al K - o sub evgs 7 45 Mats Wed
- 30 5a^- 5 3__A 8 30 MICHAEL

rPAYNS NEW COMEDY NOISES OFF?
Directed Dr MiCMAEL BLAKEMOHE.

. STRAND. CC 836 2660)4143. RALPH

, RICHARDSON. CELIA JOHNSON In
I THE UNDERSTANDING, a new play Dv
/ ANGELA HU TH Red price rrrvs from
Apr. 20. Open) Apr. 27 at 7 pm. Euo
I Mon-Sat 8 pm. Mat) Thur A Sat 3 pm.
Group Sale) Bor Office 379 6061

I STRAND THEATRE. CC 01-838 2660.

01-836 4143 NYREE DAWN PORTER.
| ROY DOTRICE In MURDER IN MIND.
A thriller by Terence Feely. E»e» Mon-
Frt 8.0. Sat 5 a and 8.0. Mats Thur 3.

'• TALK OP THE TOWN. CC 01-734 5051.
1 For reiervatloni or on entry. London)
Greatest Night out from 8 gm 5 hoars
ot Top Enter tain meirt. THE TALK OF THE
TOWN GALA GALAXY REVUE 19.301
with a cast of 35. PETER GORDENO
ell ami. Dinner. Dancing. 3 bands.

VAUDEVILLE. CC 01-836 9988 Eves 8 .
Wed mats 2.45. Sals SAB Good Fri
2 O'* GORDON JACKSON In AGATHA
CHRISTIE'S CARDS ON THE TABLE.

VICTORIA .PALACE THEATRE. SUrdlm
room all parts lor one hundred at £2.00
avail on day of perl. Eig; 7.S0.
Mats Wed A Sat at 2.30. Now extended
to JUlv 3. ELIZABETH TAYLOR m 7HE
LITTLE FOXES by LILLIAN HELLMAN.
Book now. Tel. 0I-B34 1J17-B. 01-028
4735-6 Credit card) accepted. Group
sales 379 6061.

WESTMINSTER THEATRE. 834 0283.
Until Saturday. Mats dally 2.1 s. Seats
£330 12.50 J. B. PRIESTLEY'S

Mystery Thriller AN INSPECTOR CALLS.

WHITEHALL. Boy o». tel. 01-839 6976.
°i' 9 . J0 _ fl0,2 ' 77 ?5. CC 01,930 6693-
6694. Group sales tel. 01-379 6061
Whitehall - , latest rarer ANYONE FOR
DENIS7_.br JOHN WELLS. Directed bv
DICK CLEMENT. MON-SAT EVES 8.15
pm. MAT SAT 5.00 pm

WYNDHAM’S. S 836 3028. CC 379 6565
Group reductions 8 36 3962 COLIN
BLAKELEY. ROSEMARY HARRIS in
ARTHUR MILLER'S ALL MY SONS.
Directed bv MICHAEL BLAKE MORE.
Mo . n, E r ‘ 7.M. Sat 4.30 S 8 . 00 . Wed
mat 2.30.

YOUNft VIC I Waterloo. 928 6X63. Eves
7 30 p. 2.30 Sat seals *2 30. A Musical

In the Making. MASQUERADE by K«
WMlimg Wksfto. Ends April 3.

F.T. CROSSWORD
PUZZLE No. 4,831

ACROSS

I Drake's home, getting no
score oa Atlantic (4-4).

5 Lower the 15 average? (8)

9 In which capacity bishop is

taken (8)

10 He is the third one in the
grammar-school (6) ■

11 Man stood trembling to see
the jumbo lost for good (8)

12 Guides' to cowboy's charges

(6) r

14 One licensed to serve culver-
tail, minced ? (10)

18 Those present at the gate?
( 10 )

22 Stnut carrier (6)

23 USA poles apart — union

needed (8)

24 Morish musical ? (6)

25 Pluto, region to confuse the
mind ffl)

26 Ml. such as we are told,

from Arabia (6). . -

27 Rugby playeia in rank self-

regulated (8) .

■DOWN

1 Moist round East End; make
off ! (6)

2 There is much popping
behind it at Lord's (6) .

3 One among the sheep 'as. to
regulate thorn (A) '

4 Italian living lo disprove .the.

proverb? (10) .. .

6 Final tune “ Vale ” arranged

(8) .. . _ - ■

7 Spring festival extremely
likely to give us wind (8)

8 Sunrise in wild Norse
setting— they do not soak it

up (3*5)

13 No movement of merchan-
- . (Use ? (5-5)

15 Noted 24-bour race-trade ?

r

' 16 That part of. Scotland said to
'-be tender . . . (8J J; ' - r.-
,17 . and -whatsis attracted - to

the capital? (8) •

i9 Snob to' "arrange soaewiiere
- to Jlve-iJau. Ameiica2? : (6). . ■?.

30 Rank . condition of some
• property ? W • - : • - -- *■

21 Horseshbes for priced* races

Solution to Pazrie 4,830

sassnaHHia aamaci
B □ 0- Q 0 D Q 0
HHQHHBHI3 0QE tSS B

V’. f"

r

js. r • a

■ '.,3 ... '.' -X

Financial Times Thursday . March 25 laSi

FINA NOALUMES

BRAC^N HOUSE,'} CANNON S1TU=EI| LONDON EC4P 48Y
Telegrams: Finantimo, London PS 4 .Telec 8854871 . -
Telephon e; 01-2488000 • .

_____ Thursday March 25 1982

TREATY OF ROME 25 YEARS ON

Rougher still, and rougher

Mr Brezhnev’s

~r **"■' w T ^ ffTHEN THE Treaty of

\\j Rome was signed 25
• *M V TY years ago today. Paul

B%Vn 11 All Henri Spaak, the then Belgian

■ lllVr 1 I'll Mill II prime Minister, declared “we

vU T %✓ K/l MllVll are all living through a great

moment in the history of
Europe."

THREE QUESTIONS pose them- weakness. The Russian empire A generation later, the fruit
selves in the aftermath of is under increasing pressure, in ^ ftiis " great moment " is a
Soviet President- Leonid Erezh- Poland, in Afghanistan and. European Community whose
Dev’s call for better relations closer to home, on the economic au tj| 0 rity ranges from external
between his country and the front A strategic alliance commercial relations to nuclear
other Communist superpower, between Pricing and Washing- ^on research. But its

China. ton would encircle the Soviet heart and its purse are still

The first Is: does he mean it? Union. rather more devoted to the

The second, assuming that the Mr Brezhnev may have con- common Agricultural Polio-
answer to the first is Yes, is: eluded, they will argue, thaf ta fulfilling the vision

how witl China respond? And fighting everyone at the same u Spaak and his co-

the third: what would be the time is beyond &e capacity even signatories shared on that
implications for the West of a of the world’s premier ideriogi- March day in Rome in

detente between Russia and cal power. 2957.

China after two decades of cold This lobby, which has its " . _ 4 . , .

war and would this be a wel- doubts about China’s drift „ T ^ er ^^? pe v ^ 5 \,-V?J 3ur 7 * or
come development? towards a strategic alliance with 31 * P me to e possibility of new

By John Wyles, Common Market Correspondent

«uu «vuiu mu uv a iiuilli is dt/uut uuuia b uim _ _ ^ £

come development? towards a strategic alliance with ^ pme < V ie possibility of new

It would be tempting to dis- U.S.. will press for a favour- conflagrations in Europe being
miss yesterday's initiative as able, if cautious, response. ignited other by German . .

propaganda— like Mr Brezhnev's JT , , Q „ nationalism or Franco-German which bad fired on six cjlmders

recent empty offer on nuclear De *S Xiaopmg, Chma s leader hoStmty . Economic Integra- with increasing success. Smce

S^geraent in Europe. ? nd ^ ^J ars - e J a y / e ^f f« tiem was to carry Western I960 toe average annual growth

merely the efforts of an ageing for the pro-American pohey. has Eun)pe on t(wards poHtical in Gross Domestic Product for

Czar making sure of Ws place co “e union. The Treaty of Rome toe Sis had been a per cent

to histo^asTpeaceSaker ^^ndled enrtusiasm in purau- ^ to be the route W while their indurtrial produc-

It would be equally tempting !?Jf approvement w to the i‘h* Twenty-five years later, tton had risen by 5.6 per cent a

to see it as a crodl tactical trSMwaS 'Franco-German reconciliation W 3D d P nvate consumption

ploy aimed primarily at exploit- US now 511(1 West German political and * P er ant-
ing the rift between China and economic recovery have been How much of this unpre-

iH

the U.S. over Taiwan, seems on the cards anyway. secured, if not for all time, at cedes ted surge of prosperity

There have been 10 years of Rpnofit* least for the forseeable future, was due to the creation of the . _

steadily improving relations But the path to economic Common Market and how much V - _ t ,, — campaign for major cuts in strong enough to withstand the

since the' euphoric days of the This may be accompanied, integration and political union was attributable to the global J . „ Britain’s budget contribution buffeting of prolonged races-

Shanghai communique, signed quite independently, with a has proved very rocky, post-war economic - recovery ' has been accused of damaging si on with its constant threat of

in 1972 by Richard Nixon and slow, almost imperceptible thaw More than ever it seems an remains uncertain. - • / “Community spirit” . and protectionism.

. the late Chou-En-lai nomnalis- in relations with Moscow. A association of closely co- The least that can be said is A. / J certain unspecified, but deep External policies both com-
ing relations between China and dramatic improvement in rela- operating governments which that the creation by 1958 of the seated, values. Although less and political have been 1

the U.S. These now hang in tions, however, let ■ alone a have surrendered some auto- customs union and the elimina- imaginative and certainly less th( , orea t and rather tinder^

toe ba T 3a ? ce - , Tr „ return to the comradeship of nomy and sovereignty and are tion of internal tariff barriers theatrical, Britain’s approach valued achievement of the 1970s.

Mr John Holdndge. the UB. the 1950s, .is oat of the question, not looking to surrender much among the Six put them in a to the Community does not The development of political co-

Assistant Secretary of State for What does all this mean for more. strong position to exploit the /) differ radically from that of ODeration has given the. Com- .

East Asian Affairs, is due in the West? China’s break with Practitioners in the Com- economically balmy conditions / L . France, nor of other member munitv both a greater sense of

Soviet lkuo«a iii l96<) munity offer at least two con- of the 1960s. Trade between f 10* A governments. its own identity and a stronger

can formula on the vexed brought substantial, if indirect, tra sting views as to its current them boomed, rising from 30.1 / In both cases, the protection ^ international organi-

benefits to the West Neatly a condition. “If you take the per cent of their exports in and enhancement of national £Joo<; and indenting with the

j?”?* to Taiwan. Mr Brezhnev s quarter of Soviet ground forces necessary historical perspec- 1958 to 49.8 per cent in 1972. interests arc paramount The ^ superpowers. If the Com-

oming is perfect -—about 50 divisions— are tied rive,” says one senior diplomat * When Edward Heath arrived ' /! ) ■ only difference is that French collapsed tomorrow, one

Tfprntu'iiinfin ti down m the Far East defending ‘‘you can. see that the Com- at the Paris summit in October ( / A\AJ 1» f r , — „ politicians will keep on mouth- feels that political co-operation

jM^uncuuuiun the 4,(XXHmle border with munity is tackling more and 1972 with British ascension less jJr - V / X V ^ mg the Community’s credo woQ ld contintte. Collapse. how-

The Brezhnev offer to China C2iina. more problems and with increas- than three months away he ^ even when they are planting a ever jg unlikely, if not anthink-

Is. nevertheless, the most ex- China’s battle for influence ing effect” From energy policy firmly believed that the en- * “ bomb in its churchyard while a hTe’ Encouragingly there have

plidtiy stated proposal of its with the Russians in south-east to relations with the Japanese, larged European market would the British will not. In fact, ^een more ideas and pro-
kind since hostility between the Asia, has induced Peking to this school of opinion argues provide both the opportunities - the British campaign on. the D0Sa i, in circulation than there

two countries erupted into open pursue a relatively peaceful that the Community is steadily and the competitive stimulus The signing of the Treaty of Rome in 1957 (top) and budget has photographed the now f or revitalising the .
warfare on the Ussuri river in policy in the area encouraging proving its worth and necessity that British industry needed. below the signatures of representatives of the Six: for Community in an unflattering Community 1

1969. the economic prosperity of the to its member states. The con- Politically, moreover Europe Belgium, Mr Paul Henri Spaak and Baron J. Ch. Snoy et ' posture which will greatly v ' _ „„ t : vjtv OIt

It follows a Soviet offer to region: this, in turn, has helped trary view reflects the depres- was the “home” that Britain ■ d’Oppuers: for Germany, Dr Konrad Adenauer and Prof interest future historians. Significantly, mast acu iy

reopen limited border trade be- the industrialised world cope sion and sense of burden caused needed. For a short but heady Waiter Hallstein; for France, M Christian Pinoau and Under the temporary. . “ man- tins mr nt to oe rouni n * ^ ^

tween them. Recently China with the wtwst of the recession, by the EEC’s prolonged failure period, it seemed possible that M Maurice Faure: for Italy, Sig Antonio Segni and Prof date" agreement of May 1080, Europ 1 ean ™ 01 - „

sent three top economic experts But these are dangerous argu- to resolve basic questions over British entry would actually be Gaetano Martino; for Luxembourg. Mr Joseph Bcch and the Ten should by now have powewessness^^ains ; anwauu f

to Moscow in a further sign ments. Both countries have the future of the Common Agri- the launching pad for full Euro- Mr Lambert Schans; for the Netherlands, Mr Joseph Lnns defined new policies for dealing to elective |

that tension may be easing. diverted badly needed resources cultural Policy and the budget pean integration. andUIr J. Linthorst Homam_. — : r ~-^ — "•with the industrial. , and eco- eI ^, (>n , ratP i

Since the demise of the Gang to bolstering their respective M Gaston Thorn, the Com- The Paris summit repre- ' nomic crisis together with suffirafie - “u f

of Four in China and the frontiers. Fear has bred in- mission President is heavily sented the final flowering of reforms of the CAP to make it 35 311 m, P° I 5 anr -acnievemcnu

advent of pragmatism, the ideo- security. This, in turn, could infected with this kind of angst Community idealism which ' • less expensive. There' should Thus, Sttyeaxs later, the word

logical barriers to a reconcilia- eventually lead to w#r. A better There is less of a sense undoubtedly owed much to the 9 cent of the workforce. System in March, I9<0. the also have been further -special most associated with the Cora-
tion between Moscow and relationship between China and of achievement in Brussels chemistry between Mr Heath, . ■ After Pans 19/- the story of record of the 19 /0s was dismal, limits on th® tlK*s budget pay- munity is crisis. The Farlia*

Peking are no longer insur- the Soviet Union would be wel- these days because member Georges Pompidou, the French *ne rest of the decade should particularly when set against m en t5. mentis struggle for power is

mountable. -- come and need not be at the Governments' ambitions for President and Willy Brandt been growing convergence the Paris summit’s objectives. But the whole exercise has' bound to sparijt a. crisis in its

The Chinese, or at least some expense of Peking's ties with the the " Community _ seem to the West German Chancellor. economic policy and per- Moreover, as the tide of revealed that a. largely un- relations with the- Council of 1

Chinese, may be tempted -to UJ5. That would be .the best of bave sadly dwindled. In In less than two years M Pom- formance between member enthusiasm for new Community reformed CAP will remain the Ministers. Enlargement of the 1

interpret the offer as a sign of both worlds. - October 1972 the Paris summit pidou was dead and Mr Heath states coinciding with a policies and priorities has Community’s axis because it Community and ■ the exhaustion ' !

economic recovery have been How much of this unpre-
secured, if not for all time, at cedented surge of prosperity
least for the forseeable future, was due to the creation of the

-tbe late Chou-En-lai nomnalis- in relations with Moscow.

association

closely co- The least that can be said is

ing relations between China and dramatic improvement in rela- operating governments which that the creation by 1958 of the

the U.S. These now hang in tions, however, Jet ■ alone a have surrendered some auto- customs union and’ the elimina-

the balance. _ return to the comradeship of nomy and sovereignty and are tion of internal tariff barriers

Mr John Holdndge. the UH. the 1950s, .is 00 1 of the question, not looking to surrender much among the Six put them in a

Assistant Secretary of State for What does all this mean for I more.

strong position to exploit the

East Asian Affairs, is due in the -West? China’s break with Practitioners in the Com- economically balmy conditions

Peking soon with a new Amen- the Soviet Union, in 1960 munity offer at least two con- of the 1960s. Trade between

can ^ f0rmu i a P n vexed brought substantial, if indirect, tra sting -views as to its current them boomed, rising from 30.1

question of American arms benefits to the West. Nearly a condition. “If you take the per cent of their exports in

or f-A l P*innovi Hi w Uvw* >tn ih* 1 ** n — «■* — _ • _ _ _ *

greater authority and compe-
tence to. Brussels. Spending
initiatives will only be possible
as and when agriculture's sham .
of the budget is contained.

The mandate negotiations in •
general' and the over present
British budget argument in
particular, also highlighted the-
immense difficulty which the
. Community suffers in . reaching
agreements on key issues. Lord
Carrington, an indisputably

pro-EEC- British Foreign Sccre-
tary, complained to the Euro-
pean Parliament last December
about the impossibility of
agreement when common will
is lacking. The present require-
ment for unanimity In the
Council of Ministers puts too
much blocking power in the '
hands of governments taking
minority positions for reasons
ranging from genuine national
interest to a search for icm-
UK's payments to the Com* porary tactical advantage on
munity budget -would be dis- unrelated issues,
proportionately large. Edward if gupranationalism is dead,
Heath hoped in 1972, forlornly the Community is none the less .
as it turned oot. that within ^ association of Governments
right years Britain would be operating at an almost unique
pbcketiDS sufficiently large j e vel of cooperation and joint
amounts of money from the endeavour. Some observers
regional development fund to doubt, however, that in the
offset the bnrden of agricul- absence of clear blueprints for

tural financing.
Mrs Margaret

“building Europe” the ties that
Thatcher’s bind them together will be

Mies to Taiwan. Mr Brezhnev's quarter of Soviet ground forces necessary historical perspec- 1958 to 49B per cent to T972.

tuning is perfect — about 50 divisions — are tied rive,” says one senior diplomat * When Edward Heath arrived

Tlprnitriliatinn down in the Far East defending “you can. see that tile Com- at the Paris summit in October

jM^unvuuuivn the 4,00<Hnile border with munity is tackling more and 1972 with British ascension less

The Brezhnev offer to China China, more problems and with increas- than three months away he

Is. nevertheless, the most ex- China’s battle for influence ing effect” From energy policy firmly believed that the en-
plicitiy stated proposal of its with the Russians in south-east to relations with the Japanese, larged European market would
kind since hostility between the Asia, has induced Peking to this school of opinion argues provide both the opportunities
two countries erupted into open pursue a relatively peaceful that the Community is steadily and the competitive stimulus
warfare on the Ussuri river in policy to the area encouraging proving its worth and necessity that British industry needed.
1969. the_ economic prosperity of the to its member states. The con- Politically, moreover Europe

It follows a Soviet offer to region: this, to turn, has helped trary view reflects the depres- was the “home” that Britain
reopen limited border trade be- the industrialised world cope ision and sense of burden caused needed. For a short but heady
tween them. Recently China with the worst of the recession, by the EEC’s prolonged failure period, it seemed possible that
sent three top economic experts But these are dangerous argu- to resolve basic questions over British entry would actually be
to Moscow to a further sign ments. Both countries have the future of the Common Agri- the launching pad for full Eoro-
that tension may be easing. diverted badly needed resources cultural Policy and the budget, pean integration.

Since the demise of the Gang to bolstering their respective M Gaston Thorn, the Com- Tbe Paris summit repro-
of Four In China and the frontiers. Fear has bred in- mission President is heavily sented tbe final flowering of
advent of pragmatism, the ideo- security. This, to turn, could infected with this kind of angst Community idealism which

The signing of the Treaty of Rome in 1957 <topY and
below the signatures of representatives of the Six: for
Belgium, Hr Paul Henri Spaak and Baron J. Ch. Snoy et
d’Oppuers; for Germany, Dr Konrad Adenauer and Prof
Waiter Hallstein; for France, M Christian Pineau and
M Maurice Faure: for Italy, Sig Antonio Segni and Prof
Gaetano Martino; for Luxembourg. Air Joseph Boch and
Mr Lambert Scfaans; for the Netherlands. Mr Joseph Luns
and Sir J. Linthorst Homan. . —

Transport for
Londoners

-European Union by 1980. The union was given a quiet burial a k°? ira !“ ut % ca PifaI market, wreck at low tide. With perfect up to £4Q0m a year from the The widening gap between high .

European Council to London in December 1974 by more toe .steady development at hindsight some British officials EEC . budget. Meanwhile, and low inflation rates could
last November merely “recog- pragmatic leaders whose vision Ie - decisions no w .concede that the UK made the draft “mandate” agree- c ause a major crisis for both the

nlsed the importance of was increasingly clouded by affecting tne size and aismou- a major mistake to the 1970-71 xnent on new policies reveals European Monetary System and

strengenlng_, economic Integra- the first instalment of a very bad tion or national ou age is. accession negotiations in not that member states have the CAP, There will be no

tion -to parallel with political economic cycle which has since Regional and social policies, fighting for changes to the remarkably few ideas and shortage of crises for the !

development.” MyHnnsri tfco ' rnmniimih* m..n...ki1a ,im.. J... I .-1 n-i;™.. .mMWom* ,k. n !, - ^v_ x.» '

rationed

The, contrast between Paris average annual growth to 2 per agriculture as

Community’s meanwhile, were due to rival Common Agricultural Policy, ambitions for the Community’s Community over the next few

spending It was recognised then, as it future development

years and therefore plenty of

1972 and London 1981 tells us cent a year, the rise in indus- priority in the CommunHys is dear now, that as long as the Moreover, tbe policies will testing for the notion that it la

a great deal. Ten years ago, trial production to 1.14 per budget

dominated tbe Com- only emerge as and. when crisis which cements Europe

the UK, Denmark and Ireland cent and pushed up its unam- Notwithstanding the creation m unity’s activities and its governments agree, hot together ar

IN THE three-and-a-half months £100,000 is 4' lot. of money: in were about to jom a Community ployed from 2.5 to more than of the European Monetary spending policies, then the. through any transfers ,cf it forward,

since the House of Lords judg- others. £lbn Is not very natch. ■ ^ .

hot together and crisis- which carries .'

ment on the transport policy of We therefore welcome the short
the Greater London Council, the Bill introduced by Mr Douglas
Government has done nothing to Jay to amend the drafting of
clarify the powers of local the 1989. . legislauou^ governing -
authorities to provide sub- London in order To restore the
sidised urban transport services, meaning intended^ by , Pari la-
in London, where special legis- ment-— that the GLC can provide
la. tion - applies, fares were a subsidy out of the rates,
doubled this week, and the fall ______ •

in passenger use bas been such ■*»«= tea awry
that there is already talk of a We do not argue that this is

Men & Matters

in passenger use has been such * COflltfiS tfaffs pi ^ reason for the failure of aside, was the only answer for French Line, its ownership

that there is already talk of a "We do not argue that this is ^ ««**■« his efforts in the interim to India, and she “couldn't under- passed to a -Saudi Arabian busi-

further increase of 25 per cent an ideal policy, though we have Reflecting ruefully on the failure bQ y °. ut a sizeable bundle of stand ” why anyone should have nessman who had tbe grandiose

In other areas subsidy persits, repeatedly urged that substan- of his management buy-out bid Guthrie’s non-plantation misgivings about the future. idea -of turning it into a com-

though to a haze of legal doubt, tial subsidies are n necessary ian Coates yesterday cleared his interests. The package which Though risking an argument btoed hotel, casino, and centre

This is a highly unsatisfae- element in urban traffic managing director’s desk at he had Sul together with about the Russian presence in of French culture,

tors- situation, which is in no management. It is, however, a Guthrie Corooration’s ni»w Cazenove and Guthrie’s mer- Afghanistan — not an “inva- ' this Nrr

torj' situation, wnicu is «n no management, it is, nowever. a Guthrie Corporation’s new
way improved by repeated clwr policy. . and should like Gracechurch Street offices,
declarations from the respon- other legislation rule until the Guthrie moved into the

athrie Corporation's new T.T h 4U « — ■ noi an mva- When this dream faded, NCL

racechurch Street offices. chan ,!, J ? ar } n f ?l on . £ ut .l Q invitation — dipped into its purse for nearly

*““•»«* the SL.SS d t. JXZX'.JSL* ASL to h uy At refittoe shi£

WhJt “ U™-** ^ AW joe. * ■ SSnaSLEJ L £riends sentoiro^aidenAHam?,;

that the GLC is the author of put in its place. Coates wa= eomnierinp- » tism Angus Fire Armour acquired and influencing people.

its own woes; that London We hope, therefore, that dS to fr o m Dunlop for £20 some ,k„

Transport might be more- there are enough Conservative n c 1 u ZJZl 18 months ago.

ftffipiMt- nr that thd. WTO. MPs with nru>n minrtc tn aivn U S ‘. 11 Was ° lS - last

efficient; or that the £25 0m pro- MPs with open minds to give _.„ dpnr fnr «

rided by the Gwernment for. this Bill a chance of passage ^^Tu n ^v 1 f n0 ^ti,^L^ W r :hi f 1
London Transport is “ a lot of when it comes up for second m<m to the Malaysian Govern-

Z,-Xr .C * , - Cruise nearly- two years ago.

nf ^ t ? a i- 15 ' S “ Ce ^ en ll *>« ^6 gamut

of the man from the Indian r .f t a i h»airh inemvtirme

money.” In some contexts reading next month.

Top people’s pay

U.S. It was his last big inde- mi tSS of fa - Ued hea]tl1 inspections,

pendent move for within a Leaving merchant bankers, ~" pre ~' “5 . “Omoay-oased electrical and mechanical break-
month the Malaysian Govern- Jock Green-Arm tiage of °^?if, I ?^ per ; * rhlch J 135 be ? n ca ™' dawns that left it' adrift for a
ment-owned investment com- Bothschild to run the vigorously against the day*at a time, and a boiler room

pany, Pernas, had scooped up wbole show » Coates is taking a J*umster gre j ast December as pas-

iucul-uwjku xmrouuciiL U 1 UJ' ' ~ — . V' ,,

pany, Pernas, had scooped up show » Coates is taking a J*umster gre j ast December as pas-

the plantations group in. a g00d l Jolida y' wito enough com- In one recent case. A. N. sengers were about to board for
breathtaking £282. 5m raid. pensation, he says, " to keep AntuJay, her powerful chief a post-Christmqs cruise in the
Since Coates had foucht so th e wolr ' rwo le 2s from, the minister in’ the slate of Maha- sun.

Since Coaxes had fought so „
hard in the preceding two years

rasbtra, was forced to resign i t Sma n comfort to NCL

to keep the Malaysian plantation after the newspapers disclo- that the accident-prone Norway

and trading group Sime Darby, d i i f 1 ^ lJiat he had t been J . n ^°* v , ed was -going to. dry dock anyway,

and any other predators, real or to a ra3 l° r cement scandaL Sirs Because of the fire last Friday,

I4UJ Vi n . I if- ii. 11 Jill ,%I.| . - - 1 J _ Z j V> Uit MOV k

THE EFFECTS of past pay poli- simpJy not feasible in .political imagined, at bay, it is surprising m ^^ a ^ e 5 Gandhi at firet defended him, j t will now sail to Bremerhavem
cies live on in at least one area terms. Nevertheless, the present be stayed on SO long. . it imeresung. Dut finally, and to her great six ’weeks early and seven

—the salaries of chairmen and arrangements are illogical and As he said. of Guthrie's new

directors of nationalised indus- not conducive to efficiency. , owners; “They didn’t like me

tries. In ^pril of last year the Because salaries at board and I don't much like them.”
Prime Minister announced that ]eve& are government-controlled, That, be feels, was a princi-

these salaries would be freed the corporations are sometimes ;

from rigid controls and would unaWe to recruit board, mem-
be fixed according to be-rs of tbe calibre they need:

“managerial and market con- they cannot . pay the market
. siderations.'' There was, how- price. The result is that salaries
ever, a let-out _ clause: the below board level are often

“general economic situation” higher, than those of board

would also be taken into members and successful execu-

account. There had been sugges-- ^ves 1 are reluctant to accept "
dons from within the indus* board appointments. 'This makes
tries that increases of 20 per unnecessary anomalies and
cent or more would be appro- deprives tbe public sector of the
priate, in order to bring pay talem it badly needs. The Gov-
rates into line with comparable eminent should move gradually

private sector jobs. In the to a market-related system,

event most of the people con- starting with new atpopiotznents.

cerned received increases of . “headroom” problem is a
around i per cent;. this was con- <me> the review now

fliroed by the Government yes- getting under way of 1982 pay
teraay. increases tbe Government

_ r - , should be prepared to be flex-

lUOgicm . . |ble aibout existing directors’

Since there has been no great salaries. At the same time

rush by nationalised industry Ministers should. whereveT ? os-

chairmen- to join the private stole, relate pay to performance,

sector, one may assume that the The Government could kail two

Government is paying enough to binls with one stone by defining .

keeo them. Moreover, after ail objectives more precisely and “We arent going as n

the comnlalirts about national- basing remuneration on gunboat — the .Argentinians

ised < to^sfrv%rioes| t a general whetoer or not they are have ^bought us for

jadring-up of salaries has been achieved. scrap .

ebmarrassmem, had to let him
Indira’s Show Yesterday she singled the

V u v - ; EW J outa i S e - 0D f ' — “ . To receive a copy, complete the form below and return with

For someone who came back that had decried the Festival. A*-:™-, yourpayment

fro mpolitical oblivion two The Indian Express correspon- rt * r 'Ucin JaCKpOk

SS *funq°u JS'ieS SS , bfiSE a i£l?SS.M THE F1NANC1ALTIMES BUSINESS PUBLISHING UMTTHD

of her country, Indira Gandhi ?tod several stories describing ^“ood shto V&OU fiffnnnrf

jar^sss*' ~

cruises will have to be can-
celled.

How to increase wealth
and curtail poverty

In hfs new book ‘Wfealth and Poverty 1 George. Gilcfer
provides a fresh and illuminating study of this problem
which is-perhaps the most critical problem of
contemporary society- He argues that we have been
misled by popular economic theory and by cultural
attitudes in general into doing precisely the opposite^

Areas discussed in the bookinclude: ‘

— howmisguided policy has undermined the true source
of wealth.

—how efforts at achieving a so-called ‘just’ redistribution of
wealth only serve to keep the poor in poverty and
- -howtbe essence of capitalism is not greed but giving.

Wealth and Poverty, already the focus of exerted debate, Is
destined to become the cause of serious rethlnkingfor

years to come and provides a timely moral for British

industry.

George Gilder, program director of the International : ’■
Center for Economic Policy Studies in Manhattan and
chairman of the Economic Round-Table at the Lehrman
Institute has produced this revised and updated edition of
the bookfor the UKfollowing its enormoussuccess in
America.

. To receive a copy, complete the form below and return with 1
yourpayment

She clearly regards, the “Ah,” Mrs Gandhi retorted, i: » llri .

a pvt or money m an unexpected
quarter and is delighted with

Festival of India-^wfach .she “but have’ your stories been ..hairmnn ^

opened on oMnday and hen used?” Leughfet -.and ad- ^

feet bacicdrop for -her attempts

to win the approval of Siose j ^ as the

who still remeSber the excesses Dff nnav 4 j Vide . nd , ^ remitted

of her threlyelr TnS^S OTT ffom the group's Zimbabwe d ivi-

Bik a Press conference sVves “There’s never bees' a ship 509 <mplS’ee 3 op^tion^thie

? uite 1Ute her,” . trumpets has sent £ 244 , 000^^981 to toe
m a vintage performance ■ of Norwegian Caribbean Lines grateful narent it

SEg * ~ at “““ SSS y brShuS % R

Patting her shock of write ^Sre ways tha J of toe « £S. 4 m-which

Dnnpr^i < ? a 5 . <mi “formed, re- ship in quwtion tiw massive prevSSs lezr** ^ UP 00
porters that there was a '‘ veiy Norway now Dreoarinsr to leave o ; ■ ■

well cultivated . , . rumour”, the stickv Caribbean climate W ?s ^ n0w acc °unt

about that she held a grudge for a soell in a Gernun drv ^- a ^ ® es tobell"s African

SEH 5 S ^ Press ' N . ot S0 ' ? h . e dock aftar a fire in its boitor u!fS ( ? P „ e l hi . S

“ We _ aren’t . going as a
gunboat — the .Argentinians
have jast bought us for
scrap!"

assured them sweetly. “We room. * " “‘ v *“ optimism with Scottish caution

have taken it as part of life ” The history of the world's m Sde* ftostTon/thSlPnv 0 -!
'■ S5- J*? aaxiaus . t0 ^ biggest passenger liner, which Sd SSi • hope th#y pla> lf
estabbsh her reputation as a first sailed as the France, 0 Ihe ^'
good democrat. Democracy, she has been, an uncomfortably

said in another unsolicited chequered one. From the v/Wcf UtZi

To: Marketing Department, Th« RnancialTImee Business
Publishing Limited, Greystoke Place, Fetter Lane, London
EC4AtND.TeJ;01-405 6969. Telex: 8836 94 1C LONG. -

Please note payment must accompany order. ' ' *

Please send me copy/copiesol Wealth and Poverty* hy .

GeorgeGiider at £8.50 plus £1.75 UK postage and packing.
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Registered NuintWf; 986386=

Financial Times Thursday March 25 1982

23

ECONOMIC VIEWPOINT

Getting the U.S. off the hook

By Samuel Brittah

ONE WAY or another, U.S.
hiterest rates are going to come
down. Prime lending rates of
16 per cent plus make no sense
against an American inflation
rate now probably down to 6
per cent Real U.S. interest
rates are high, whatever allow-
ances are made for tax distor-
tions or world-wide capital
shortages.

Most of the suggested ex-
planations of present rates are
less than fully convincing. Al-
though Americans are extremely
worried about the trend of the
Federal deficit, it is still only
3 per cent of the national pro-
duct and It Is difficult to believe
that the resulting demand for
credit has been sufficient to
bid up real interest rates to 10
per cent.

"It is therefore a reasonable
prediction that if interest rates
do not drop of their own
accord, with the Fed’s present
money supply targets, then the
targets win give way. This will
he due in only a verv small way
to European - and Japanese
pressure. Even pressure from
President Reagan will be only
part of the explanation. The
main - reason is that the Fed

Table 1

WORLD MONET GROWTH
Ml IMF Definitions

% change between year ends

US.

japan

Germany

1977

8.8

83

12.7

1978

73

13.4

14-0

1979

6j0

3J>

2.0

1980

53

—2.1

4.1

1981*

5

3

2

Approximate

Sourca: IMP

itself will not sit idly by while
talk of a depression gathers
momentum. Only if there is
a much stronger recovery from
recession than anything now in
prospect will Paul Vblcker and
his colleagues be content to
continue to ■ target money
supply alone and leave interest
rates to benign neglect
Yet It would he nothing short
of a tragedy if all the painfully
won counter-inflationary gains
of the last few years were
thrown to the winds and the
Fed reverted to a short-term,
so-called fine timing approach
geared to the immediate state
of output and employment Nor
will the Fed find -it easy to

mask a retreat to more rapid
monetary expansion by adjust-
ing definitions and targets as
the .British ....Budget “Red
Book” did.

The one chance of salvaging
something from .the present
confusion would be if . the
American authorities realised
that “the -dollar Is no longer
only, or even ■ - mainly, a
domestic currency and that
monetary targets must be set
on a. more global basis.

The 'theoretical f^asis for a
change of aporoacn has long
been proclaimed by Prof
Ronald McKinnon who works in
a building a couple of hundred
yards away from Milton
Friedman's on the Stanford
campus. McKinnon's basic point
is that the Fed has been wrong
to concentrate on the UJS.
money supply instead of the
world's, li should attempt in-
stead to stabilise the total sup-
ply of the main currencies
which compete for a place in
the portfolios of private and
official holders of funds
throughout the world. Over-
whelmingly the most important
of these are the dollar,' the yen
and the mark.

Whatever may be said of the
stability of the domestic de-
mand for money in relation to
the national income, the inter-
national demand is anything
but stable for any of the main
currencies taken alone. Prof
McKinnon has calculated that
the " world " money stock has
been a better guide not merely
to average world inflation rates,
but even to the American
domestic one, than the U.S.
domestic monetary stock.

As Table 1 shows, while the
U.S. . money supply has been
increasing at a- gradually de-
clining rate, according to the
well-known Friedmanite prin-
ciples, the Japanese and Ger-
man money supply growth has
plunged from double digit rates
to a snail’s pace. Japan regis-
tered negative growth in 1980
and Switzerland in all of the
past three years.

The Exchange Rate Outlook
published by the Gower Press
uses much broader definitions,
including all deposit accounts,
analogous to Sterling M3. Pre-
dictably all the numbers come
out higher. If, however, Ger-
man and Japanese money sup-
plies. are calculated relative to
their post-1973 rates of growth,

The one chance of
salvaging something
from the present confu-
sion ... if the American
authorities realised
the dollar is no longer
only a domestic
currency and that
monetary targets must
be set on a more global
basis 9 •

they are in each case nearly
17 per cent below trend.

- As a final check, look at the
movement of world prices
shown in the other table.
Inflation rates have everywhere
passed the peak associated with
the 1979-80 oil price shock and
are now well into single figures
and falling rapidly. The drop
in oil and some other com-
modity prices is not an inde-
pendent influence hut associ-
ated with a declining growth
of monetary demand and the
prolongation of the 198081
world recession.

How has this shrinkage in
the growth of “ world ” money-
occurred? The basic answer is
that U.S. monetary policy is
conducted with mainly domestic
goals in mind; and changes in
the dollar exchange rate do not
affect the monetary targets
being pursued. On the other
hand European and perhaps
Japanese monetary policies are
profoundly modified by ex-
change rate goals.

Germany, for instance, was
for a very long time anxious-
to stop the mark falling too far
against the dollar because of
the effect on domestic inflation.

The UK has operated an undis-
closed effective target band
around 90 on the trade
weighted sterling average. (In
an unusual role reversal, the
Bank of England tried unsuc-
cessfully before the Budget to
persuade Ministers to disclose
the undisclosed).

European Governments will
therefore often increase
interest rates to prevent their
exchange rates falling and
reduce them to dampen appre-
ciation, irrespective of the
effects on domestic monetary
aggregates. The net result is
that when the dollar is strong,
the other major world financial
powers will restrict their mone-
tary growth — and therefore
that of the world money stock,
and add to deflationary influ-
ences. When the dollar is weak
they will boost tbeir monetary
growth and add to world-wide
inflationary influences. .

These influences are partly a
matter of conscious policy; but
they also arise from the tech-
nicalities of intervention. US.
monetary growth is pretty effec-
tively insulated from world
influence. On the other hand

TABLE 2

INFLATION DECLINES

Per cent annual Increases in consumer price. indices

US.

Japan

Germany

UK

Seven main
OECD
countries

1979

113

34

4.T

134

93

1980

123

8.0

53

18.0

123

1981

10.4

4.9

5.9

11.9

10.0

1982 (Jan.)

8.4

.33

- 63

12.0

8.9

1982 (Jan.) (last six
months at annual
rate., approx.)

6

3

5}

9

t

when the Bundesbank inter-
venes to buy dollars the
German money .supply is
boosted and -when it sells
dollars to protect the mark, the
German money supply 4s con-
stricted.

Few Americans yet appreciate
the. role of the rising dollar
both in Intensifying the US.
recession and in reducing
American inflation. Exchange
R ate Outlook figures suggest
US. wholesale prices, relative
to other countries and ex-
pressed in dollars, are nearly
30 per cent above ' trend — a
deterioration in competitiveness
nearly os great as that affecting
the UK at the peak of sterling’s
at the be sinning of 1981 when
the CBI nearly marched on
Downing Street.

The orthordox. suggestion is
that European countries should
show less preoccupation with
their dollar exchange rates and
thereby regain freedom jn
domestic monetary policy.
Recent reductions in German
interest rates, in the face of a
falling mark against the dollar,
suggest that at least a modest
"declaration of independence''
has been made. Nevertheless,
in open and medium-sized
economies, the exchange rate is
such a predominant direct in-
fluence on inflation if it goes
too low. and on competitive-
ness if it goes loo high, that
it is never going to be ignored
for very long.

Prof McKinnon's main pro-
posal is to instruct the U.S..
German and Japanese central
banks to operate a combined
target for the sum of their
total money supplies — say 6
per cent if Ml is the measure
chosen. A combined target for
the three currencies together
would be easier for the central
banks to follow than individual
national targets, as the ebb and
flow of international demand
for the different currencies
would offset each other.

How would monetary growth
be adjusted between the three
centres? There are many tech-
nical possibilities. Prof McKin-
non’s main stress is on ending
the sterilisation of the U.S.
money supply from foreign in-
fluences. If the Bundesbank
sells dollars to support the
Mark, “high-powered'’ dollars
would pass to the U.S. banking
system and the German bank-
ing system would lose reserves.
Thus the U.S. “ monetary base ”

would expand and the German
one contract, whereas today
only tiie latter occurs.

Eventually the three main
financial centres would have to
develop a common view of the
exchange rate objectives gov-
erning Intervention policy. Cer-
tain mechanical chragcs might
also be required, such as a shift
in the active elements of Ger-
man dollar reserves from Trea-
sury bills and bonds to a check-
ing account at the Fed.

The arrangement could be
operated informally between a
handful of capitals without com-
plex negotiations. Indeed, even
■without any international re-
form. (he Fed could announce
tomorrow that ti 'was taking
into account the growth of the
money supply m other main
centres, and not just U.S. de-
velopments. in its own open
market operations.

The McKinnon approach
should nc; be regarded as a
recipe for putting the world's
money on an automatic pilot.
Financial innovation of ifti*
kind which has made .storting
M3 so misleading could still
occur in aov of the partici-
pating countries. A close moni-
toring of Money GDP m the
participating countries, or the
industrial world as a whole,
and shifts in their relations to
the monetary aggregates, would
still be necessary.

No amount of monetary - or
fiscal manipulation will over-
come the real forces which
have doubled unemployment in
the industrial world in the last
10 years. As Professor R. J.
Ball explains, patiently and m
detail, in a new book”, the idea
that either world or national
growth could be permanently
stimulated by “ reflation ” is
wishful thinking. It ignores
the extremely disappointing
supply response which has
caused all the demand-boosting
exercises of the last decade to
be dissipated in higher wages
and prices.

The better management of
world and national monetary
demand can z: most reduce the
upswings and downswings of
output and employment around
the underlying trend and pro-
vide for steadier progress
towards price stability. These
modest goals are well worth
pursuing.

•Money and Employment, by R. J.
Ball, published by Macmillan Press,
price £15 /iflrtj cover. £5.25 paper back.

Lombard

Caution can be
overdone

By Peter Montagnon

STEERING the right path be-
tween greed and caution has
always been one of the most
exacting tasks faced by inter-
national bankers.'

In the good old days, before
the welter of debt problems in
countries like Poland. Romania
and Costa Rica, greed was
aroused by the mouth watering
prospect of booking more and
more new business.

Banks which booked the most
fnrcTgn assets could hoik m the
spotlight of international pres-
tige. restrained only by caution
about, putting too many eggs in
one basket.

Now. in the aftermath of the
Polish debt problems oil this
has changed. Bank* have be-
come mm h more worried about
how much they arc actually
earning from all those foreign
loans. ApDdilc lor business has
been replaced by appetite for
profits. Caution has heroine
much more fashionable than
before.

Yet so many banks— and gov-
ernments — apparently fail to
realise that caution, if overdone,
is just as dangerous as the old
policy of reckless expansion.
Refusing to lend to a sound
borrower, just because its neigh-
bouring country bankrupt,
can quickly jeopardise all the
good loans that have gone
before.

Averting such a crisis does
not necessarily mean throwing
caution to the winds, hut it
would email an act of courage
by those bonks which were pre-
pared to get their perspectives
right.

In defiance of the majority
who are no longer prepared
even to throw good money after
good, they would have to stand
up publicly and resume Send-
ing to better quality East Euro-
pean borrowers.

Such a decision would be
made immcjMirablv easier if
Western governments were to
resume rescheduling talks
with Poland. That could revive
confidence in rhe market for
Eastern Europe as a whole, re-
lieving pressure on borrowers
who .ire implicated neither poli-
tically nor economically in
Poland's affairs.

Unpaid

Squeeze

This is precisely what is hap-
pening in Eastern Europe,
where even Hungary with a rela-
tively westernised and efficient
economy is now caught in a
perilous financial squeeze. Not
only have new loans dried up;
old loans in the form of short-
term credit facilities have been
withdrawn on a substantial
scale.

One thing is certain if this
process of reckless caution con-
tinues. The international bank-
ing system will end up facing
a crisis of far broader propor-
tions than that involving just
Polish debt— and it will be an
unnecessary crisis, brought on
largely by the banks themselves.

It is no use arguing, as yorne
U.S. officials do. that refusal to
reschedule puts pressure on the
Soviet Union to service the
Polish debt. The -simple fact is
that the Russians i-anuci afford
to. AH the available evidence
suggests that Moscow is scrab-
bling around for whatever cash
it can lay its hands on to meet
its nwn mas.- ivr requirements

Similar] v Moscow cannot
’Jerri to fnpr the lulls of other
Eastern Furonean countries
cither. If iho West withdraws
wholesale economic support for
Comccon then more and more of
these bills will remain unpaid.

This means that there can be
no resumption or unlimited
lending tn Eastern Europe, but
rntne lending could resume on
«h*' basis ».»f carefully controlled
irdn-idnal credit annlvsis. bear-
inn in mind Ibnt Comecon bor-
rowers nn lonncr hear an im-
plint Soviet guarantee.

Surely it is prudent banking
to continue lending to those
borrowers or projects’ that still
stand up to such a careful scru-
tiny. Moreover banks which do
lend could ccrtainlv command
very handsome terms.

Letters to the Editor

Receivership: capital, management and manufacturing Ta ^^i voting

at Huihead

From Mr L. Wigdor.

Sir , — Tlie events . at Stone
Platt in recent days illustrate
only too dearly the problems ex-
perienced by some providers of
capital in understanding just
exactly what is involved in res-
toring the fortunes of .manufac-
turing companies. It can take at
least three years to restore pro-
Stability. Too often there has to
be a major change in manage-
ment and systems. But also the
time-consuming sManming-down
of Che work force and assets
with short term effects upon the
profit and loss fay way of redun-
dancy payments and upon the

balance sheet in respect of
assets. The benefits can only
come later. It is completely un-
realistic to expect quick results
in turning round a manufactur-
ing company.

Of course it is true that some
companies cannot be rescued be-
cause either they are not in a
potentially prosperous sector; or
they do not have the right pro-
ducts or manufacturing assets.

Unfortunately in Britain there
is just not the experience of run-
ning manufacturing industry
among many of the capital
market sectors to understand
the nature of the gestation

period involved, and so they
act in a damaging way both to
themselves and the share-
holders.

At the end of the day these
things are a matter of judgment
but it really- is important that
we bring the best- experience to
to bear. In countries such as
Germany. France and the United •
States there is more experience
available among the providers
of capital. Resulting from more
enlightened education— hut that
is another story.

Lucien Wigdor.

Wallingford House,

Leas Green, Chislehunt, Kent.

US. -Japan air
talks

From the Vice-President,
Europe and Africa,

Japan Air Lines

Sir,— In her story (March 22)
regarding the recent U.S.-Japan
air talks. Ms Louise Keboe
seems to have confused the U.S.
demands with the Japanese
demands.

The main issue at the San
Francisco talks was the desire
of Japan to increase landing
rights in the U.S. and to allow
Japanese camera beyond rights
to pick up passengers in the
UJS. and fly ftem to further
destinations and not the other
way round.

U.S. airlines operate 13
routes between the UJS. and
Japan. Japan Air Lines, the
single Japanese international
scheduled carrier, has access to
only seven of these; the other
six are U1S.- monopolies.

Under the current agreement
U.S. carriers have unlimited
’■ beyond ” traffic rights from
Japan to other ■ countries and
at present serve some 15 points
from Japan. They can compete
quite openly with JAL is the
Japanese market in selling
tickets to these destinations
which include, for example,
Peking, Hong Kong, and Seoul.

JAL has no similar privileges
in the U.S. except fdr an un-
usable “beyond” traffic right
from New York to Europe
which most be routed from
Tokyo via San Francisco. This
is a wholly uneconomic proposi-
tion involving a much longer
routeing and, of course, no
traffic rights between San
Francisco and New York:

As to the article’s conclusion,
it is absolutely untrue to say
that potential ” money spinning
routes ” between South-East
Asian countries and the - U.S.
via Japan are denied to U.S.
carriers.

U.S. traffic rights beyond
Japan are at present without
restriction. If there are any
routes between South-East Asia
and Japan which lack a . UK.
jearrier it is either because of

a. lack of U.S. rights with the
other country concerned or
because U.S. airlines don’t con-
sider the route economically
worthwhile.

In any case it is totally mis-
leading to compare U.S. air-
lines' traffic rights to fly beyond
Japan with traffic Japan gains
from its own aviation agree-
ments with South-East Asian
countries.

Instead, • U.S. rights to fly
beyond Japan should be com-
pared with Japan’s rights to fly
beyond the U.S. Hie U.S. does
not make this comparison
because their own overwhelm-
ing advantage would be seen
only too dearly as Japan’s
rights beyond the U.S. are
virtually non-existent. This is
one case at least where ; the
Japanese market is demon-
strably more open than the U.S.
Hisasfti Tto.

12. Great Marlborough Street,
W'l.

Unemployed school
leavers i

From Mr J.iFrancey

Sir, — I was interested to read
the further proposals for train-
ing unemployed school leavers
— ” moves to widen plan for
young jobless ” (March 20). My .
interest stems from what might
well be an unusual circumstance
for an JFT reader, in that after
close on 45 years of continuous
employment, more than half of
that ui senior management T
found myself standing in a
labour exchange queue at the
unlikely age of 64.

From this unusual vantage
point many preconceptions that
I had held as a manager were
shown to be wrong. All the
young people I have observed
are of a type whom I should
have been happy to interview
for office or production work.

I may have been fortunate, but
it must be stated that I have
seen no “ unemployable ” young
person in this area. Whereas
my embarrassment was mainly
financial, I was saddened to
realise that these young people
were ' akin to “ non-persons ”

wfoile still in their ’teens.

The concern of the various
consulting bodies mentioned in
your report is not in question,
but Jet joe say this; keep the
secretarial and drafting work,
and the committee discussions,
to a very minimum. Get the
young people off the streets.
Changes and refinements can be
made while the employment
schemes are in progress.

John B. Francey.

59 Aytoun Drive,

Erskinc, Renfrewshire. ‘

Tonnage on
Hie trains

From Mr A. Lucking

Sir, — Mr Ford (March 19)
in turn might check what
British Rail's trains actually do
cany as opposed to what they
can carry. And one. should not
forget the weight of the prime
mover!

In 1980 BR reported that the
average train carried 97 passen-
gers.- I estimated from the
statistical tables that the
weighted average for all types
of passenger train was about
300 tonnes- Hence the actual
achievement appeared to be
about 3 tonnes of train per pas-
senger carried. Perhaps .BR can
give us a precise figure?

Even a reasonably well
loaded high-speed train carry-
ing 250 passengers burns
around 50 per cent more fuel
per passenger than the average
long-distance -coach.

A. J. Lucking.

Flat 20, 17, Broad Court,

Bow Street, EC4.

From Dr A. Scotney
Sir. — Samnel Brittan’s. appeal
to Hfl&ead Conservatives to
vote for Roy Jenkins (Lombard,
March 18) would be fair enough
if he had presented it as just
that. His attempt.to dress it up
in the thin disguise of “ tactical
voting” is sheer nonsense. To
have real purpose, tactical vot-
ing requires two pre-conditions.
The candidate of your choice
must have.no realistic chance of
victory, and you must take
strong exemption to one of the
candidates who has such
chance. If the polls are any
guide, for Hollbead Tories the
second condition is satisfied but
the first is certainly not
For either Social Democrats
Party or Conservative voters to
switch horses before one of their
candidates has a clear advantage
makes no kind of sense; Conser-
vatives switching to SDP are
just as likely to “ let Labour in
as is an equivalent movement in
the opposite direction. SDP and
Conservative voters should vote
for their own candidates unless
the present position alters. ‘

Mr Jenkins has been badly
advised to stand in this consti-
tuency, in whidb Jie will have
all of Teddy Taylor's perennial
problems and none of his ad-
vantages should he be elected.
Ironically, should Mr [Brittan’s
call for tactical voting he
heeded by the only group for
whom it has real purpose at
present, the Scottish Nationalist
Party, l fear that the two “ Eng-
lish ” parties can fold up their
tents and melt away. Like
democracy, tactical voting is a
great idea; the trouble is, it
sometimes falls into the wrong
hands.

(Dr) Alan Scotney.

17. Hundland Ace., Glasgow.

Politics and
sport

From Mr L. Moir
Sir,— If pditics are to have
nothing to do with sport, why
is Bristol. City Football Club
appealing to local MFs and the
Minister for Sport?

L. G. S. Moir.

39, Vicarage Road, Fresh field,
Formby; Merseyside.

Going wrongly
astern

From Cmdr. 'A. LloydrBnst RN
(Retd,).

Sir, — With reference to your
Crossword No. 4,816 of March 8
I feel I must draw your atten-
tion to- 11 Across. There is no
command from the bridge
“hard astern” — “hard a-port,
or starboard, hut slow, half or
full astern.” In case I should
have been mistaken, I rang my
son-in-law. a Master Mariner in
the Merchant Navy, and asked
him what action he would take
if someone shouted from the
bridge “ hard astern,” to which
he replied: ” Look over my
shoulder to make sure I was
not about to he assaulted.” I
must confess. I agreed with
him.

(Cmdr.) A. Iioyd-Hirst RN
(Retd.),

The Penthouse,

The Studio.

The Mare. ,

Millbrook, Guildford, Surrey.

Whats it costing

your company
to ignore

ustnal

K manufacturing industry is to start producing a better
return on i n vestment, it has to improve its productivity
And industrial robots can, in very many cases, make a
critical difference.

Ncrw;there£ Government support winch can do a great
deal to ease any financial obstacles or
technical uncertainties and see firms
through the start-up period.

No business is too small or too large
to qualify.

Available through the Department
of Industry this support includes
financial assistance towards feasibility
studies carried out by consultants,
investment assistance and financial
support for an the associated costs of
developing a new system.

Andifethecompanyfeown :
management which makes the decisions;
therefc no ‘manfromthe ministry 1 who is-
going to try to run things for you! .

So, the improvements in productivity
and co mp e titive ness which could make.all
the difference to your company^ financial
performance are probably more
accessible than you and your colleagues
have been thinking. Don’t you owe it to
your future to find out more?

Department of Industry

Eferfrrrfr.*! and fiUfftrinal Eig"»e<ring DW tiop. B oom 420
Ashdown House. 323 Victoria Street, London SWIE 6RB.
Wspbons: 01-212 0724

f SSwwwm* p qyg? |

1 |ormdustr»l « h,rts ' |

1 \

— MM! — ~~~~~

_

« Teteebcg£N*-— r I

v^geotgffl^ 1 ~~ B

■ - — - — - — ^6 n

...J. ‘

24

GospaBies and Markets

Financial Times Thursday March 25 19S2

UK COMPANY NEWS

BICC tops £100m mark
and dividend up by 10%

Sirdar at
£2.93m for
half-year

Vickers £4m off at £24.6m pre-tax

A CONTINUED strong perfor-
mance in overseas caWe-maklng
more than offset lower UK
profits at BICC and group pre-tax
earnings climbed by 37 per cent
from 574.6m to £10l.8m in 19SL

HIGHLIGHTS

The Lex column is dominated by company results beginning sho^^Mrs Jean TyrreiCthe

FOTt THE 28 weeks to January 8
Sirdar, knitting and rag wool
manufacturer, increased its pre-
tax profits from £2.3m to £2.93m,
justifying ” the confidence

WITH THE previous year’s
figure being boosted by £S-9m
nationalisation interest, profits,
before tax, of Vickers were down
£4m to £24-6m for 1981, on a
sales total up by 5110.4m to

£603. 6m.

Also announced is a oce-for-
four rights issue to raise a net
£23Jm.

Of the total benefit, 0. 3m was
taken to revenue in 1980 and
&2m in 19S1, leaving a carry-
forward of £62m against under-
recovered depreciation .and
other costs.

Explaining the reasons for the
rights issue Sir Peter says the

DIVIDENDS ANNOUNCED

Dale Corre* Total
Current of spondiag Tor
payment payment div. year

May 21
June 1

merger with Rolls-Royce Motors . Armstrong Equip. ... mt 0.35
Holdings represented the com- Arthur Ben mu

Berwick Umpo Nil —

0.55

1.55*

4

7.1

6.4
1.45

5.5

13

10.37

sTs

ToUi

last

>eur

1.49

4.72*

6

12.25

9.43

4.33

8

announced, the final dividend is years. Whisky distiller Arthur Bell demonstrates how the cash expected that the second half nf

net for a total payment or begins to pour in when there is no need to expand the stocks of of the year will be at least as medical

10.37p— an Increase of 10 per maturing product Midway profits are seen to jump 52 per cent good as the first six months. machinery iSoun. says that the

to 514.9m on lower volumes. Finally Lex looks at the results from with stated earnings per 25p second half of the year, as fore-
Prudential and Eagle Star which underline the impression that share improving from 9.6p to cast, was a good deal better the

overseas underwriting was very poor last year bnt jnvestment i 2 ^p before tax and to 7.7p value and volume of exports

cent on the previous year’s
9.43ft. Stated earnings per 50p
share were 25J2p (adjusted
- 23.1p).

Sir Raymond Pennock, the
chairman, warns that the group
does not expect to see the same
dramatic growth in its overseas
operations this year.

Offsetting this, however, will
be contributions Lrom the
group's new acquisitions, plus
ttie benefits progressively
showing through on action taken
within, the UK businesses to put
them on a more efficient and
competitive footing-

OveraU, a year of continuing
sound progress is expected.

Group sales for the year rose
by IS per cent from n.36bn to
£l.&bn_ Operating profits were
ahead by 27 per cent to £1 09.6m
(£86. 6m) before lower finance
charges of £7. 7m (£12m).

Profits attributable to
ordinary’ holders fell by £8m to
£35.3m. Tax was higher at £41.9m
(£2S.6m), minorities and prefer-
ence dividends took £lSm

completed.

The directors are conducting
a review of the strategy of the •
group, which - has begun by
identifying those existing
businesses which appear to offer
the best prospects for growth.

Richard Clay ..
DRG

income is showing good growth. Pru had a catastrophic year in (5.5p) after, the net interim improved substantially, although

general insurance made up for by strong life business. Eagle dividend is being siepped up the level of activity in the UK smfndneS of i-S^r^ms^r

«nri Aiirirtpnil ii fW vrv. -a , w. .. Trarliet Tamnivuul . u ouuuuIlcSo Ol recen l malQr

Jones and Shipman
Laing properties ...
Percy Lane

Star figures are in line with expectations and dividend is raised
as forecast at the time of the Allianz raid. .

(£9 ,8m) and ex tr aordinary debits
£6. 7m (£3.5m). The 1980 result
included a special tax credit of
£10. 6m.

Current cost taxable profits
were £8I.3m (£55.1m).

A breakdown of cbe year's
historic cost sales and pre-tax
profits shows: Balfour Beatty
£493. 8m (£3S2.1m) and £12.Sm
(£13^m): BICC Cables £41S.lm
(£44S.5m) and £18m C£19.2m);
BICC Industrial Products
£158. 4m (£157. 5m) and £5 -3m
(£5. 9m); BICC International
and £69.8m

income and expenses took £3.7m
(£4-5m) from profits.

Capital . expenditure last year
rose by 25 per cent to £45m and
in 1982 is expected to approach
£60m — split roughly equally

between the UK and overseas.
The chairman says that

from the equivalent of l.35p to
1.6p— a total equal to 3.5p was
paid for 1980-81 from taxable
profits of £5.3 lm.

Half-year turnover moved
ahead to £15.45 m, against
51437m, and trading profits
advanced to £2Bm, compared
with £2.35 m.

market remained ■ “ disappoint-
ingly low and arty - sign of
recovery was dampened by the
increase in interest rate in the
latter part of the year."

Order books at the beginning
of 1982 were comparatively
higher and the order intafco y
continuing at much the level
achieved during the 1981 second
six months. ■ -

The chairman says the outcome
for the year as. a whole will
depend greatly oh the level of

major

capital programmes, notably in
lithographic plates at Howson-
Algrephy, motor cars at Rolls-
Royce Motors and defence
equipment at Newcastle.

Over the last four years £41 m
has been spent on these capital
programmes and a further £9m
is currently committed. In
addition, significant sums have
been spent on acquisitions and
capital expenditure to support
the growth of the group’s other

Maynards

Rockware Group

. The pre-tax surplus was after
interest and other income which
emerged as a credit this time of

_. £327,000 (£55,000 charge). Tax ... -

spending on rationalisation and took £L08m (£965.000). leaving exports and the relative strength activities, he states.-
reorganisation, in the UK has net profits £514,000 higher at of sterling. : “The development of the

now peaked! During the past £lJ84m. There were no significant group’s strategy 'will be aimed

Vickers ....

Jas. Walker G’smith. inL

35

VUy 21

2.75

5

4 ’

—

1

3

July 5

1.4

3

1

6

3

8

8

July 15

5.5

15

10.5

3

July 1

3

5.26

GJ2S

1.05

2.6

1.8

3.6

2.75

—

2.34*

4.5

3.75*

2

June 1

1.67*

3

2.5* '

r ...

7.9S

—

7

tl.9

10.5.

3.13

May 7

3.13

—

9^8

5.5

—

4

10

7

S

_

7

12.5

11. .

2.1

2.1

2.1

2.1 -

1.35

May 21.

1.1

2.45

2.2- -

inL

1.6

May 18

1.35*

—

35*

2.08

May 24

1.66

3.33

2.76 :

int

Oil

July. 16

—

0.4

—

7.45

July 1

7.45

12

12

May 5

1 —

two years, the group has cut
bark its total UK workforce by
some 25 per cent. Reorganisation
will continue, bed he says no
significant closure moves are

ally has been more buoyant than
in the recent past as yet, no
very marked improvement ha$
been seen.

INCLUDING an exchange gain
of £201,000, compared, with a
£329.000 loss, taxable profits of
Rotork, valve control equipment
marine craft and machine tools
manufacturer, edged ahead to
52.84m for 1981, against a
previous £2.?5m. Turnover
improved slightly from £20 -32m
to £21.95m.

Mr Jeremy Fry, chairman, says
tint at the end “ of a tough year
we had produced in the circum-
stances a respectable profit and
had maintained a strong cash
position.”

The group sees 1982 as
a another year of hard struggle "
without the prospect of much
improvement in the market
place, but there has been
sufficient progress on new
products in the controls sector
to give confidence for 1983 and
beyond.

£572.3m (£424. 4m)

(£40.8m). Inter-group trading jSnLabnL
accounted for sales of £38.3m
(£47 .7m) and central costs, other See Lex

• comment

Sirdar’s half-yearly figures are
very good indeed. Trading
margins are up -.by almost 2
points at 18.1 per cent, so
The . Ludlam side should £0.5m turnround on currency 8ft turnover has not gone

continue its expansion while, the. exchange has patched over the - a “ anytiung lke so fasl ** m
Evans companies- and tile. 13 P®* C ^ 1 decline in trading

profits. The group's problem
primarily lies in its actuator
business — Rotork 's core activity
which makes the devices that
control valves in pipelines and

Exchange gain lifts Rotork

marine division will be seeking
other outlets for their products
as well as some new ideas.
Earnings per lOp share

are

shown as 6.8p (9.1p) at the year other fluid conductors. Its actua-

end and the dividend is stepped
up to 2.45p (2.2p) net with a
final payment of 1.35p.

After a tax charge, - much
higher at £1.42m (£905.000) and
dividends. £611.000 (£562.000).
the amount retained was £815.000,
against 51.28m.

On a current cost basis pre-tax
profits are given as £2.37m
(£2.06m).‘

• comment

Rotork has turned in another
set of uninspiring figures. The

tor products are getting' old and
are not as competitive as they
once were. The company plans
to launch a new product this
autumn and has high hopes that
it will pull the group out of
its six-year profits plateau. Other
areas are not providing much
comfort; the marine business bas
declined in line with the slump
in. world -wide shipping. The 11
per cent improvement in the
dividend helped to boost the
shares 7p to 50p yesterday. At
This price, the shares have a
historic yield of 7.2 per cent
and a fully-taxed p/e of about 7.

Prudential Corporation pic

Unaudited Group Results for 1981

Results and Dividend

Total profits for 1 981 were £43.2m compared with £42.5m in 1 980. There was substantial
growth in the life profits, but underwriting losses in general business increased sharply.
The directors -have declared a final dividend of 8.0p per share, pa'yable on 27 May next.
This, together with the interim dividend of 4.5p per share paid in November, amounts to
1 2.5p per share (1 1 -Op in 1 980) .

1981

1980

£m

£m'

Life:

Premium income

1,187.3

1,020.3

Surplus attributable to policyholders

508.7

37Z7

Surplus attributable to shareholders

41.5

29.5

General:

Premiums written

569.0

456.0

Underwriting result . *

(59.0)

(33.9) ;

Investment income

46.1

33.6

(12.9)

(0.3)

Taxation credit

4.7

2.8

Prof It after tax.

(8.2)

2.5

Shareholders'

Investment income

19.8

18.7

Other

Miscellaneous income

2.2

1.0

Income:

Expenses

(3.7)

0.9)

Taxation

(8.4)

(7.3)

Other net income

9.9

10.5

Summary of

Life

41.5

. 29.5

Results

General

(8.2)

2.5

Other net income

9.9

10.5

Profit for the year

43.2

42.5

Dividend

37.3

32.8

Retained profit

5J9

9.7

Earnings per share -

14.5p

14Zp

Dividend per share

12.5p

11 . Op

Life Business

Due to the continuing benefits of our considerable life fund- investments in equities and
property it has been possible to make substantial increases in bonuses to policyholders of.
Prudential Assurance both in the UK and overseas, at a cost of £508.4m (36% up on 1 980).
Profits to shareholders from this source have risen in proportion and together with higher
profits from Mercantile & General and Vanbrugh have resulted in an increased life profit
of £41 ;5m (£29.5m in 1 880).

the corresponding part of
198081, trading profits are still
ahead by nearly a fifth. This
kind of advance is _ what the
market has now come' to expect
of Sirdar, so although the divi-
dend was increased by 184 per
cent, the shares merely inched
their way up 5p to 130p. At this
level they yield a prospective
4.5 per cent and, assuming that
pre-tax profits push onwards to
abound £6.4m. the fully-taxed
p/e is still a modest enough 10.
Adjusting for last October’s
one-for-one scrip, the shares
have more than doubled since
fixe beginning of last year, and
if there were signs that the
growth had begun to falter the
temptation to take profits -would
be strong. As yet Sirdar has
probably some way to go in ex-
tending its lead as the most
. efficient producer is the sector
— capital expenditure is set to
carry on at £3m next year
following completion of die new
factory next month. But the
limitations to the company's UK
volume may not be all that
distant, given that it already *
bas a quarter of the total market
for knitting yarn.

J. Walker
goes into
the red

JEWELLERS James ' Walker
Goldsmith and Silversmith
reports pre-tax losses of. £297,000
for the half year to October 31
1981 compared with profits of
£670,000 previously. Turnover,
excluding VAT, was ahead at
£L2.46m against £lL6m.

The interim dividend is held at
lp net per 25p share— -last year a
final of 3p was paid out of pretax
profits of £2.3m.

Half year trading profit fell
from £1.24m to £259,000. Depre-
ciation amounted to £273,000
(£267.000) and Interest took
£283,000 • (£198,000).

There was a tax credit cf
£154,000 compared with a charge
of £348,000 last time and a net
loss of £143,000 (£322,000 profit).

acquisitions.

The chairman says that no
progress was made in Vickers’
claim to the European Commis-
sion on Human Rights on the
compensation received for the
nationalised aircraft and ship-
building businesses.

On the cancellation of the
tank engine contracts with Iran,
the chairman says that negotia-
tions with the Ministry of
Defence have been completed
and that the settlement totalled
axjDrn.

The cash settlement, was
£6.9m and the balance was in
respect of the transfer to the
group of the fixed assets,, includ-
ing the factory building.

at concentrating and consolidat-
ing its interests in selected
activities.*’ This will involve
both in the UK and overseas
capital expenditure on existing
businesses and acquisitions and
may also involve selected dis-
posals. Although substantia}
unused facilities remain avail-
able from the company’s
bankers, directors feel that
those objectives will be more
readily achieved by the
strengthening of the balance
sheet by a rights issue.

Dividends shown pence per share net except where otherwise stated.

* Equivalent after allowing for scrip issue, f On capital
Increased by. rights and/or acquisition issues.

respect -of prior years for 1980. lithographic plates and supplies
Tax charge was much higher at £67.Sm (£65. 9m) and £7.1m

£S.4in, compared with fl-Sm, and (£8.9ra); overseas ' engineering
after minority interests, £L2m £82 .9m (£ 61 . 6m) and - £3.2m

(£0.9m) and extraordinary debits (£3.5m): discontinued activities

amounting to £ll.lm (£l4Bm).
the available balance for the
period was well behind at £5.flm,
against Hl.lm.

The , extraordinary items in-
clude other redundancy costs on
closures and reorganisations of
£5.5m (£1.4m).

An .analysis of sales and trad-
tog profits, 542.4m (£35-5m).

Pre-tax profits were struck shows: engineering equipment

£8.5m (£54.Sm) and £0-8m loss
(£4.5m loss); pre-acquisition
profit of Rolls-Royce Motors
Holdings £4.3m in 1980. - . ,

On a CCA basis group pretax
profit is reduced to-- £134m
if 16.7m).

A circular on the rights issue,
of 18,310.015 ordinary £1 *
at 133p each, will be’dis
today, and retfounceabje 1c

after redundancy costs, up from
£1.4m to £3m, interest payable,
less investment income, of
£18.3m {£ 16.3m) associates share
of £0.5m (same), .and the £8.9m
interest on nationalisation in

including design and projects allocation on April

ie letun
19. De£

£1 9i.4m (£170.9m) and fll.5m
(£17.3m); motor cars £133.6m
(£119.Sm) and £l6-2m (£S.7m>;
engineering products £119.4m
(£123. 5m) and £3 -2m (£5. 9m);

Eagle Star lifts profit by 12%

PRE-TAX profits of Eagle Star
Holdings rose 12 per cent in
1981 from £65 .9m to £73.Sm.
following a near 20 per cent
improvement in net investment
income from £73-8m to £SS.3m.

This more than offset a one-
third worsening in underwriting
losses from 532.5m to £4fi.7m.
Shareholders' long term profits
improved by one-fifth from .
£11.8m to 514.3m, while the
profits of the industrial sob-
si diary Grovewood Securities
were nearly 10 per cent higher
at £15.Sm against £14.4m.

A substantially higher tax
charge trimmed hack to increase .
in profits after tax and transfers
to catastrophe reserve to a mere "
2.6 per cent from 534.4m. to
£35. 3m.

The final dividend of Sp brings
the total deadend for 1981 to
15p as forecast by the group in
its defence against the tender
offer made last June by the West
German insurance conglomerate
Allianz Veiyicbening.

General insurance premium
income rose 8 per cent in 1981

from 5442.5m to £477 .3m. The
solvency margin at the end of
the year was 87 per cent

Business in the UK was tot by
fierce competition and the over-
all underwriting loss worsened
slightly from £2Sm to 526.2m.-
But after taking investment
income into account, the profit
rose from £13m to 518.3m.

The UK results were hit by the
adverse weather in December.
The fire account, covering com-
mercial business, suffered a loss
of £2.1m against only 5700,000
in 1980. while the “all-in”
domestic account saw Josses rise
from £4-2m to £5 Am. Losses in
the large motor account
worsened, despite the lower
numbers of claims, from £5.9m
to £6.5m — the group feeling the
effects of the absence of any
substantial rale increases last
year because of the keen com-
petition.

Overall, the bad weather in
December cost the group
around £10ra in additional
claims, and the continuation of

the adverse weather in January
will cost a similar amount.

The liability account suffered
from an increase in claims aris-
ing from industrial diseases
from earlier years, but overall
losses were reduced, from
£13.1m to £9.6m.

The group made a pre-tax loss
of £5.1 m on Its overseas business
with underwriting losses more
than doubling from . 57.2m to
516.1m. In 1980 there was a
small pretax profit of £lm.

The major part of the loss
occurred in Australia where
underwriting losses more than
doubled from £3m to £7.6m. But
40 per cent of*; 1981 'i "losses
arose from a court decision on
a claim and can be regarded as
a once-off item. In Sooth' Africa,
there was an underwriting loss
of £2.4m after several profitable
years. Results in Belgium and. : "““L.*
the U.S. were satisfactory. nigm-

A good final quarter enabled
Grovewood Securities to pro-
duce a record profit for the
fourteenth consecutive year.

See Lex

togs in the new ordinary ' shares
are expected to start on April 20.
Brokers to the issue are Hoare
Govett.

See Ler ' .'

Euroflame

board

changes

THE PROMISED reconstruction
of Enroflame Holdings, the
troubled domestic appliance re-
tailer, has gone one stage further
with the passing of board resolu-
tions to remote executive power
from Mr John ’Wan, the. chair-
man and managing director, and
Mr and Mrs ‘ L‘ . W. Jones, the
two directors who co-founded
Euroflame in 1978.

Resolutions to remove the
tiu'ee IntfivlduaJs^frora' the' board
of ihe company will be moved
at an extraordinary general meet-
ing of Eoroflaipe’s shareholders
shortly. None Of those involved
was available for comment last

£1.3m loss for Armstrong

AFTER seeing its pre-tax profits
fall from £8. 56m in 1986 to
£892,000 an 1981, Armstrong
Equipment says the downward.,
trend in trading continued into
the first half of the current year.

This holding company with
interests in the manufacture oz
sale of automotive components,
industrial fastenings and tight
engineering, reports a pretax
loss of £1.3Lm, against profits of
£741,000. in the six months to
December 27. I&S1. The interim
dividend is cut from 055p to
0.35p — last year’s - total was
1.496p.

The directors say the “ auto-

motive components drviskm was
particularly badly affected. They
say there has also been a squeeze
on margins through all divisions
dae to the continuing strength of
sterling, particularly against the
Deutschmark.

The profit and loss account has
also 'been adversely affected by
the need to continue to reduce
inventories by manufacturing at
a lower rate. The total work
force in -the UK has been
reduced by a further 320, as
vigorous action continues to
reduce costs.

The results of the first half

after interest dh urges of £2D3m
(£2.2 6m) and exceptional stock
profit last time of 5252m. Tax
took £176.000 (5328,000), leaving
a loss of £1.49m (£413,000 profit).
There was an extraordinary item
Of £614,000 (£2.42m).

• comment

Armstrong. Equipment . has
made the gesture of paying an
interim dividend, albeit
reduced, ; to order to underline
tbe directors' belief that the
worst is over. That the market
may not completely endorse

were badly affected by December, that confidence is evident from

London and Manchester
raises dividend to 11. 9p

General Insurance Business

Premiums written

Underwriting result

1881 1880

£m £m

201.7 173.4

74.8 48.5

37.1 37.0

44.8 34.8

11.8 8.8

Specialist Reinsurance 199.0 1 153.4

UK

Canada

EEC

Other Countries
Marines Aviation

1881

£m

(9.7)
(10 A)

(4.7)
(9.9)
( 1 . 0 )

(23.3)

1980

£m

(9.3)

(2-9)

(3-6)

(4.0)

(1.7)

(12.4)

569.0

456.0

(59.0) (33.9)

In the UIC despite the effect of the severe weather In December, the underwriting loss for
the year showed only a small increase. Underwriting conditions overseas were particularly
unfavourable and ied to substantially greater losses. Reinsurance business suffered in

addition from excessive«ompetition world-wide.

The total free assets of the group at the end of 1881 represented 4936 (60% in 1880} of
short-term general insurance premiums. .

IlwSmen??ncwne 1 on short-term general insurance and shareholders' funds combined
increased to £65.9m from £52.3nv a rise of 26%,

PRUDENTIAL

CORPORATION

Prudential Corporation pl& 142 Holbom Bars. London EC1N 2NH.

The London and Manchester
Group, a home service insurance
company, is increasing its 1981
dividend • from 10.5p to lL9p
desoite $ 5 per cent drop to the
profits attributable to share-
holders from £3.04m to £2 37m.

The group has made higher
transfers to 1981 from both life
branches, the industrial branch
transfer being lifted 13 per cenf
from £L07m to £1.21m and the
ordinary branch by 25 per cent
from £L39m to £1.75m, the latter
figure including a special
£200,000 transfer.

But the general branch loss,
after tax, jumped from 586,000
to £282,000 and investment

Yearlings
total £17.8m

Yearlings bonds totalling
£17.S5m at 13| per cent redeem-
able on March 30 1983 have been
issued this week by the follow-
tog local authorities.

North East Derbyshire DC
50.5m; St Helens Metropolitan
BC 50.5m: Sedgemoor DC
50.25m; West Dorset DC 50.5m;
Crawley BC £0.5 m; ; Durham
(City of) £0.5m; Llanelli
(Borough of) £035m; Maldon
DC 50.5m; Newham (London
Borough of) 50.25m; Norwich
(Gity of) £Lm; Rochdale .Metro-
politan BC 505m; South Bed-
fordshire DC 50.5m; ‘ South
Tyneside (Borough of) 51m;
West Oxfordshire DC £0.25ra;
Greater London Council £2.5m;
Dundee (City of) DC 50.5m;
Fife Regional Council £0.5ra;
Camden (London Borough of)
£lm: West Yorkshire Metropoli-
tan CC £0.5m; Islington (Lon-
don Borough of) £L5m; King-
ston upon Hull (City of) £lm;
Leeds (City of) £2m; Newark
DC £0.o m; Cambridge City
Council £0.5m; South Derby-
shire DC 50,25m.

income on shareholders’ funds
was trimmed from £1.03m to
£965,000. In addition the re-
arrangement In the general
branch business incurred a total
of £400,000 non-recurring ex-
penses. The earnings per share
rose from 12.13p to 12.54p.

The share price shed I2p to
260p on the results, yielding
6.7 per cent gross.

The company bas improved its
reversionary bonus rates in the
ordinary branch by 15p to £5.25
per cent of the sum assured.
But bonus rates for adult endow-
ment assurances "in the indus-
trial branch re main unchanged
at £3.75 per cent.

Jebsens USM
listing

Dealings on the Unlisted Semi-
ties Market of Jebsens Drilling
are expected to begin on Aipril 1.
Nearly half the group’s equity
was placed with UK institutional
investors last Aprii-

Jebseu is primarily engaged in
drtUtag activities in the North
Sea. The group yesterday fore-
cast that pre-tax profits far 1982
wold reach £l4.9m. which com-
pares to 58.8m. for 1981. As fore-
cast, a dMdeod of lQp per share
wifi be paid for 198L

Receiver called
in at Sackville

A receiver and manager has
been appointed to Sackville
Press BUlerieay. The company
prints a variety of publications,
notably children's books and
fine * arts greetings cards.
Receiver is Mr Stephen Adam-
son of Arthur Young McClelland
Moores,

trading, when a combination of
bad weather and pre-Christmas
retail purchasing reduced
demand considerably across all
divisions.

The directors say. trading in
the early part of the second half
has also been poor, but with con-
tinuing . action to reduce costa
and improve gross margins, it is
expected that profitability will
he restored <in the last quarter.
They say that the trends towards
lower interest rates and a lower
exchange rate should aid the
recovery process, as wfl] tlie
reduction in the National Insur-
ance' surcharge.

External sales ia tfie first half
rose from £48.85 m to £54.3 5m.
The pre-tax figure was struck

the share price. Which dropped
4p yesterday to 2Sp. Trading
has actually got worse in the
first half, and although some
profits have been sacrificed in
the attempt to reduce Inven-
tories the effect on borrowings
was not significant in the
period. Surgery in 1989S1 was
fairly radical, so that diminish-
ing returns have perhaps set In;
in any case the benefits will
really become significant when
the reconstruction gets some
volume to bite on. Nevertheless,
there are parts of the group —
such as the amalgamated boK
capacity of Charles Richards rod
Atlas Bolt— where Quite good
profitability is expected to come
through in the final quarter.

It was Mr Viall hlmselF who,
announcing the proposed liquida-
tion of Euroflame's main operat-
ing subsidiary East Friday, indi-
cated that further reconstruction
moves were” in" store for the
company. These were to include
management changes and tbg
possibility of an injection of new
equity. .

The placing 6f £300.000 of
equity for Euroflame's remaining
businesses has been agreed in
principle by Tring Hall Securi-
ties, the financial adviser to, the
company which sponsored iit
launch on to the Unlisted Securi-
ties. Market last year.

' The company also announced
last night that it has established
a . new trading subsidiary. Its
directors will be Mr Darryl
..'White, Mr B. Simpson and' Mr
K. Prichard-Jones who have also
been appointed immediate con-
sultants to Euroflame. Mr White
has been made general manager
of Euroflame Holdings and each
of its subsidiaries.

The liquidation of Eurofiarae
UK is scheduled for next Mon-
day and is being handled by
accountants Stoy Haward, the
firm which prepared a report on
Euroflame's affairs following dis-
closure of substantia] Josses for
1981. The company is to be the
subject of a Department of Trade
inquiry.

CROUCH GROUP
To assist in. the expansion of its
overseas development, business, .
Crouch Group has established
four new subsidiaries. These are:
Crouch Management USA, Citiuch
Phoenix, ! Crouch Royal Gardens,
and Crouch Overseas.

Buying out afeUowsharehoMer?

„ Contemplating a management buy-out
iromyour parent company?

Seeking long term capkalforenpansron?

ope«Sr^ :

Euthr,w2^f,S U ’ U want * e packaged in way that best suitsyouriieeds.

Buthowcanyoubesureyouvegoutifyouhaven’tfoundoutwiiaLGrestmncandftri

GiBdnm Trust Ltd, Barrington House, GreshamStreet, London Kzv THE. Td: M-606W74,

■ Airodai

hoard

ciiansB

Financial Times Thursday March 25 1982

Cgnpanses aad Markets

UK COMPANY NEWS

Slough Estates expects
further improvement

Expansion
at Fife
Indmar

* erromwA™. . FOLLOWING A rise from

ia P”*- 12 * 25P s*“re rose from 7.13p to Interest and other charges on £201465 to 1374,471 at halfway,
proms ana an effective 25 per 834p. UK rental -income projects under construction in taxable profits of Fife Indmar,
cent increase tn dividends are expanded from £L9.02m to the UK have been capitalised at formerly Fife Forge, of Kirk-

ETSS? 6 ® 1B SS by Nigel £2L73m and the overseas figure £i.66m (£1.64m). and overseas at caldy. finished 1981 well ahead

Moons, ctotrman of Slough moved ahead from S.78m to £L28m f£L18m). at £772,574 against £502^44.

Estates. The taxable surplus for £825m. Turnover for the full period

1BSI moved ahead by £2. 04m to Pre-tax profits were struck advanced to £L0.36m (£827m)

f 13 - 4 *™ total dividend after charging £L37m (£L57m> O comment and the dividend is boosted by

3 ° ?* r cent t0 for carrying charges on land held 50 per cent to 6p (4p) net with

net with a final of 2.Q7gp. for future development. There Slough Estate's profits axe in a final payment of 4.7p. Earnings

41 For 1882 - saw Mr Mobbs. was also a profit of £852.000 on line with expectations but both per share are shown as 25.41p

we can expect i mproved rental the sale of an investment in the outlook and the revaluation (I6.41p).

income in the OK from reviews. Bank America Really Investors, surplus are better than antici- Tax on this marine and
reversions end new projects. The group ended the year paled. -The revaluation, was. of general engineering concern was
■wtoie our overseas prospects are with £llJ5m in cash and ample coarse, helped by the higher £90.060, compared with £61,332,
«“*> H npmY Hig. He fc confident hamicrn g facilities available for worth in sterling of the group's and after ah extraordinary debit
of asigmficant rise hi pre-tax the current development pro- overseas properties, which now of £188449 last time, the avail-
pronte. gramme and for the acquisition account for about a< quarter of able balance was £882,514 against

A one-for-fbur scrip is pro- of new projects. the value of the total portfolio. £254,963.

posed and it is anticipated that The gross value of gr&up Slough's views on the outlook
the increased rate of dividend for properties by the end of 1981, are always given extra credibility

1981 will be maintained on the including the - valuation, add!- because the group's electricity . r 103 TI C'S &.

enlarged capital, representing an tkras at cost and exchange rate generating activity keeps it close

effective increase of 25 per cent, c h a n ges was £475 m compared to the pulse of industry. Volume TitnlKtriill

“ Many aspects of the recession with £410m. The surplus of sales of electricity were down xl lU Ujmal

are still with us — high Interest £B5m has been credited to the 9 per cent last year and the PROFITS BEFORE tax for the

rates, low demand, under- investment revaluation reserve operation’s. losses jumped from six month to January 31 1982 of

utilisation of industrial capacity,” and minority interests as appro- £Llm to £2m. But new, more Finance and Industrial. Trust,

says Ur Mobbs. He notes, that priale. Net assets per share rose efficient plant has started up this holder and dealer in 'investments.

Finance &
Industrial

by .the nature of the group's from 186p to 243p.

year and should reverse the rose to £63,798 from £58,277 on

activities, improved demand for The valnatron surplus for UK trend. This, plus the letting of turnover up from £114,748 to
its services tend to lag behind properties amounted to £44£m. the Brussels block— -vacant for £178,980. Total profit for the

the general economic cycle.

The estimated rise in UK rental five years— should help push pro- year to July 31 1981 was £120,901.

1 The group is represented in income is 55 per cent -over the fits to over £18ra this year. At Commenting on the figures, Sir

locations that will continue to next five years.

outperform the average and we Tax was lower at
are well placed to respond to (21.83m). Minorities
better conditions' in the future,” £186,000. compared with
he says. of £173,000. Attributabl

Stated earnings per ordinary ■ were £HHSm (£10. 07m).

142p, up 8p, the shares are at a Graham Rowlandson, chairman.

Tax was lower at £1.45m 35 per cent discount to assets, says “The results for the past

(21.53m). Minorities took assuming full dilution. The six mouths are considered to be
£166,000. compared with a credit prospective yield is just over very satisfactory, especially in
of £173,000. Attributable profits 4 per cent on the well covered view of the generally difficult
were £LL85m ( £10.07 m). forecast dividend. conditions winch prerail is

industry and commerce.

, _ _ _ _ _ “Further increases in rental

Bestobell rises 9.6% to £8.5m

further Improvement.

ALTHOUGH down on first half the controls, energy and aviation for the receot re-rating of the “ Whilst R remains difficult to
figures, taxable profits of sectors — sales £59_55m (£54, 42m) shares. Despite an lSp rise forecast, due to the industrial
Bestobell moved ahead from and profit £5.7 2m (£632ta ) — yesterday to 36Sp, the shares are uncertainty, it is anticipated that
£3 67m to 24.13m for the second shows: UK £46 54m (242.78m) still nearly a quarter down on the results for the year ending
six months of 1981 and left the and £4.69m (£5 -31m); Europe their price at the interim stage July 31 1982 wAH continue the
ftill year surplus 9.6 per cent £5.43m (£5. 48m; and £367,000 of 473 p. This gives a fully-taxed steady growth."

up at 28.47m, against 27.72m. (£288,000); S^UIUI XUUUIUA Jl/ U VMi * * H>l l mil l. HA V— V mammm rUlC( OU WM piM S V»« W

Turnover was slightly higher £7.18m (£6. 16m) and £673,000 month stage. The new rating is tax-charge of £33,175 (£30,304)

at £122.36m. compared with (£717,000).

ing. aviation group, regards the £2J5m, tax took £3 -83m (£2 .91m) return to profit until the second
outturn as satisfactory and and minorities . £268,000 half and UK trading remains
announces an. increased final (£218,000). depressed. That means l9S2’s

‘ ~ ' — * were growth will depend heavily on

dividend of 7.6p <7J.p) net per Earnings

GREAT NORTHERN

. As at close of business on

from 12-25 p to 13p. . — — .. — - — — — — « — , .

Awrtsrfi syAwa.svss

he states, and adds SLt the available balance rame ont at JShSS

balance sheet . Iast “I*®-

An analysis of sales and trad- ^ t**- - ””**' “““ -r%m Tr> • j j A A

LriLKS items to. Blue Bird soars to £0.2m

MiiSb^S'n a SgSSfiSIS jsrsftASrtt

seals £2L01m (£15. 56m) and tiie 5?Hri^ t * 1B ^ lS,U tha £1 1 4,644 on turnover down from results have been achieved

SStaU discontinued g 3rim to aSlm is reported b, despite .drop to bom, »«*. l«

eering 218.51m (£19.52®) and tenmnai costs or cnsconnnuea BW CdSfeettonwy Hold- 9.4 per cent The result reflects

£3&MX» loss (£fi&5,000 profit); opegtions^ u, e ^ months to a big increase in exports,

Australia and New Z«Uand <-LA EffiKL? 1 ®" 1 ^ January 2 1982. - tighter management control and

£32J37m (£25£lm) and £L66m ai3n (£4.73m). a a * ^ substanttalcbrt savings in pur-

(£L57m); South. East Asia ^ nnm'mjmt- a second-half deficit of packaging.

£5-21m (£4.76x0), and £599.000 • Comment £2,4 93 profits for the 53 weeks , c T^ e situation is

(£469,000): South. Africa £10.5m BestobelTs 1981 performance has July 4 1981 were £112,151 now corrected though the
(£S.9m) and £1.04m (£887,000); been duiL The rights issue P re ^~ ., ifn severe weather early this year

Central Africa £8. 61m (£6.3 9m) money helped to reduce interest lnjrofitabila^ the Blue a sio W start to the second

and £1.35m (£873,0000); discon- charges, which in turn gave a 1“®®* subsidiary of they state,

tinued actmtfes' 8.97m (£20.83m) filhp to pre-tax profits. Trading £3 between the- second^ sjx « Iool( . t 0 the

and £108,000 loss (£352,000 profits slipped. 'Hie ' dilution. 10 future with confidence.”

profit); inter-unit sales £2.86m from the rights pushed down « llie current After tax of £79,791 (£22,415),

(£3.Im> and group expenses earnings per share ' by 17 per The interim dividend is main- net profits are £121,108, up from
£515,000 (£587,000). cent. This is the first. EPS tained at 1.45p per 25p share— £92£29. This gives stated earn-

A geographical analysis of dedime in five years and accounts a total of 435p was paid in 19 81. ings per share of 3.28p (2.4Sp).

Vickers

Results for ^ before poor year interest some £5 million (25 %) higher than 1980.

1 QS1 # Value and volume of exports improved substantially "but UK demand
XvOX remained low.

% Order bools at begjnniiig of 1982 hitter than at beginning of 1981.

Eirtiaordinaiy items of £11 .lnrilfion are in respect of retrenchments and
closures which will improve the future efficiency of die business.

‘Development of strategy will be aimed at concentrating and consolidating
selected activities. This will involve, both in the UK and overseas, capital
expenditure on existing businesses and acquisitions and may also involve
selected disposals.”

Consolidated Profit & loss Account

for tbeyear ended 31 December 1981

Profit before interest .

Net interest payable less nnestmattmeenno
Profit before prior year intere st _

Interest on nationalisation in respect of prior years
Associated companies
Profit before taxation

Taxation

Profit after taxation
Minority interests

Profit before extraordinary Sems ■

Extraordinary items . 4
Stockholders’ profit
Dividends

profit iirfained/(defid0

Arthur Bell heading for £25m plus

AN ADVANCE from £2Qm to
over £25m in profits, before tax,
is forecast by Arthur Boll
Sons, the Scotch whisky distil-
ler, for the year to June 30
2982.

In the first half of the year
profits show a rise from £9.78m
to £14^Sm on a turnover ahead
from £137. 52m to £146-57 m. This
mainly reflected profits up from
£t0-28m to £14£5m on the pro-
duction and sale of Scotch
whisky. Lower interest of
£L55m (£2.72 xd) also contributed
to the improvement.

Mr Raymond Miguel, chair-
man, says .that the increased
profit from whisky was due to
strong - demand - for the com-
pany's products ifl home and
overseas markets. Home sales
of. both Bell’s and the Beal
Mackenzie Scotch whiskies
“ were at a reasonable level . . .
with volume approaching the
record sales achieved in the six
months to December 31 1980.”

“Despite the regular
appearance of new brand names
introduced with the aim of de-
pleting excess whisky stocks at
marginal or ail profit, we ore
confident that premium Scotch
whisky brands will continue to
keep the major share of the
market,” be states. The group
again plans to be -Spending over
£2m on advertising Bell's in the
UK during the current year.

Group Scotch whisky exports
increased sharply from £12D7m
to £1 6.69m in the half year. Ex-
port sales volnme was ahead by
14 per cent and the chairman
says that when compared with

industry figures ” it is clear that
our brands continue to .
increase market share/’

He reports that widespread
gains were shown overseas with
substantial improvement , in
France, Italy, Spain. Japan ‘and
duty free markets. Sales in the
U.S., however, are still "at an
unacceptably low level," but in
19S2 the company will be much
more directly involved in
advertising and promoting Bell's
in the U.S.

Referring to the recent Budget
increase in excise duty on
Scotch whisky, Mr Mi quel says
“ this is certain to have a depress-
ing effect on demand at a time
when the market is not buoyant-"
Horae sales demand for Scotch
whisky could show a further fall
in the current six months.

He says that Bell’s and The
Real Mackenzie cannot be
immune from this situation but
it is fully expected that further
penetration of overseas markets
will ensure that profit from the
Scotch whisky division in the
second half of the current year
will show an improvement over
the level achieved in the J9S1
period-

In the glass container division
Canning Town ‘Glass returned a
profit of £222.000. compared with
a loss of £560,000, in the half
year. However, sales are not ex-
pected to increase substantially
in the second half and the chair-
man estimates that this division
will show only a modest profit in
the period.

Towmaster Transport lifted its

BOARD MEETINGS

Thft (allowing compaitifis have notified
dates of board meetings to tba Stock
Evchange Such mecunot ore usually
held tor tiio purpose of considering
dividends- Often) indications arc not
avsilsbla o» to whether dividends art
interims or fmels and Me subdivisions
shown below are based mmnly on last
year's timetoble.

TODAY

Interims— Amalgamated Distilled Pro-
dune. Feirview Estates. HowtSao Group,
Lucas industries. Sega Holidays. Strong
and Fisher.

Finals — Automated Security, BfiA,
BSR. Banro Consolidated Industries,
Bern rose. Cambridge Electronics. Fried-
lond Ooggan. Canon Engineering, Ley.
lend Pemr end Wallpaper, Mandors.

profit from £70,000 to £114,000
and a reasonable profit is ex-
pected for the second six months.

For the group as a whole the
chairman says that indications
are that profits for the second
half wil] be in excess of the
£10.24m reached in the same
period of 1981.

Bernard Metihows, Metal Closures.
Mmconcrnio. Noble and Land. Ocean
Transport and Trading, TncsntraL.
United Noun spa pore.

FUTURE DATES

Interims —

Bryant April 5

LWT April »

Finals—

Bremer (H.) April 6

Croda International . . . Mj; It

Hanger Investment Mar 2xi

Highlands and Lowlands . .. . Apr.) O

Jersey Electricity April 1

Pearl Assurance ... . • ... April 14

Quick (H. and J.) . . . Mar i-J

Reed Executive Apnl 6

Quick tH. and J.l Mar

Standard Chartered Bank ... Mir JO

Ward While Apnl 7

The interim dividend is effec-
tively raised from 1.55p to 1.7p
net per 50p share— the total for
39SO-S1 was equal to 4.72p.

First-half earning per share
are shown to be up from 10.5p
lo lL\8p. or to 11.4&P fully
diluted.

Sec Lex

GROUP INVESTORS BRISTOL WATER

Options, free of payment, to
acquire ordinary shares in
Group Investors arc to be issued
lo the company's shareholders.
Hie basis will be one option lor
every five ordinary shares
currently held and each option
will entitle the holder to buy-
one ordinary share ai 125p on
October 1 in the years 19S3-SS
inclusive.

The offer for sale by tender
of £7m -in 9 per cent redeem utile
preference stock 19S7 by Bristol
Waterworks bus attracted appli-
cations for £fi.5m or stock. The
lowest price In receive a partial
allotment was £ LOO. 13 and the
average price obtained was
£100.6. Dealings be^in today.

America p/e of 14.4 against 19 at the six After an estimated 52 per cent

more reasonable bat may not not profits are £30,623, up from

ma im Interest charges for the 12 fully ifiscount what could be £27.973.

Mr A B. Mgrchfl ii ; chairman months were lower at £L28m, another dull year in 1982. Energy Staled earnings per lOp share
of this controls, energy engineer- compared with a previous engineering is not expected to are 2.3Sp <2.!7p).

share. This steps up the total 28.1p (33 ^p) net and 30.7p the new U.S. acquisition. Pro- March 19, 198, estimated nav
from 12-25 d to 13 d. <33.9p) nil. vided the rest of the rights at Great Northern Investment

Sm7Sied mi tfthr^g dividend yields just over 5 per Northern and 474^p per ordtaaiy

balance sheet . last The retained figure cent snare of KIT.

An ntialvefe nt snlnc anri trad- WSS £53,000 (£3 .46m) after . A/\

Eagle

Star

SUMMARY OF GROUP RESULTS FOR 1981

DIVIDENDS. The Directors are recommending to the shareholders at the Annual General Meeting to be held on 7th Mayl 982 a final dividend
of 8p per share payable on 1 5th duly 1982 to shareholders on the register as at the close of business on 17th June 1982. With the interim
dividend of 7p per share which was paid on 15th January 1982 the total dividend for the year will be 15p per share (1980: IQ.Sp). The total
cost of these dividends will be £20.6m.

RESULTS. Investment income in the shareholders' fund increased by 20 per cent to £88.3m. The pre-tax profits of Grovewood Securities
were £1 5.8m which with £0.1 m from associated companies brought the total income from investments to £1 04.2m (1 980 : £88.1 m). Share-
holders* long term profits were £1 4.3m (1 9B0 : £1 1 ,8m) after grossing up for income tax and corporation tax. General insurance underwriting
made a loss of £42.7m (1980: £32.5m). General business premium income increased by 8 per cent. Overall pre-tax profits were £73 .8m
against £65,9m in 1980.

Sir Denis Mountain, Bt, Chairman.

1981

1980

• • - — . ■ -

-£m

£nv

PREMIUM INCOME

Fire, accident and motor

452.6

422.4

Marine, aviation andtransport

24.7

477.3

20.1

442.5

Long term -annual premiums

164.0

149.6

—single premiums

120.0

284.0

72.1

221.7

761.3

664.2

PROFIT AND LOSS ACCOUNT

1981

1980

£m

£m

Investment income*

88.3

73.S

Profits of Grovewood Securities '

15.8

14.4

Share of associated companies' results

0.1

(0.1)

Shareholders* long term profits

143

11.8

Underwriting loss

(42.7)

(32.5)

Expenses not charged to other accounts

(2.0)

(1-5)

Surplus

73.8

65.0**

Taxation

31.9

25.6

Minority interests

3.4

3.2

N et surplus for year avail ablefor

- appropriation

38.5

,

37.1

Staff profit sharing scheme

Z.5

1.4

Less taxation

1.3

7.2

07

0.7

37.3

36.4

Transfer to catastropheTeserve

2.0

2.0

Dividends

20.6

14*3

Balance added to retained profits and reserves

14.7

20.1

'After deducting £2J2m in respect of interest on loan notes (1 980 : £2.1 m).
• 'Aftertransfer from catastrophe reserve.

GENERAL COMMENTS. Throughout the world insurance underwriting has further deteriorated. Excess capacity and the effect of the
recession on the awUability of business have contirroed to Increase competitive pressures. - - ...

INVESTMENTS. Investment income increased by 20 per cent This most satisfactory result was helped by high interest rates and a positive
cashflow.

■The free reserves of the group, including capital appreciation on investments other than those of the long-term insurance funds, amounted to
87 per cent of general insurance business premium income.

GENERAL INSURANCE. Our overall result is analysed by territory iftthofoltowlngtable which Includes an estimate of that part of invest-
ment income which arises on insurance funds

Investment

United Kingdom and the Republic of Ireland *

Australia

Belgium

South Africa

USA

Other territories

Additional provision for unexpired risks
(overseas business)

Attributable to shareholders' funds

■ **Aftertransferfrom catastrophe reserved

-UNITED KINGDOM. There was fierce competition in alt classes of business for the reducing volume of premium. There was an underwriting
loss of £2&2m (1 980 : £25.0m) but after taking investment income on the funds into account there was a profit of £18-9m (1 980 : £1 3.0m).
Bath fire and "all-in" accounts suffered from the severe weather in December. There was an underwriting loss in the fire account of £2.1 m
(1 980 : £0.7m) and inthe "all-in" account of £5 .9m (1 980: £4J2m).The motor account showed an underwriting loss of £6.5m (1 980 : £5.9m).
In the liability account there has been an increase in late reported claims from earlier years arising from industrial diseases. There was an
underwriting lass of £9.6m (1980 : £13.1m).

OVERSEAS. There was an overall underwriting loss of £16.1m (1980: £7 .2m) and a loss after attributable investment income of £5.1nt
(1980: prdfit £1 ,0m). The major part of the underwriting loss arose in Australia where the situation was exacerbated by the non-recurring
effects- of a recent court decision and the need to strengthen provisions for claims from earlier years. In South Africa after many' profitable
years there was an underwriting loss. In Belgium and the USA -results were satisfactory.

MARINE AND AVIATION. Current underwriting-is likely to prove unprofitable. The 1978 underwriting account was closed showing a
small surplus and this together with provisions from earlier years no longer required enabled us to strengthen the open underwriting years
and also to make a transfer of £1 ,0m to profit and loss account. The fund at the end of the year amounted to 143 per cent of premiums.

LIFE. World-Wide hew -business produced new annual premiums of £39.7m (1980: £38.8m) and single premiums and considerations for
annuities amounted to £1 20.0m (1980: £72.1iti). The annual valuation of the UK life funds has again resulted in increased bonuses to
policyholders. Profits transferred to the shareholders' account were £8.1 m (1980: £6.9m) net of tax. with a grossed-up value of £14.4m
(1 980 : £11 .7m) and after transfers in respect of non-U K subsidiaries the total amount was £14^3m.

GROVEWOOD SECURITIES LIMITED. In a continuing difficult economic climate Grovewood Securities produced a record profit for the
fourteenth consecutive year, pre-tax profit rising to £1 58m (1980: £l4.4m)

• Premium

Underwriting

income less

1981

1980

. . income . _

. result

expenses

Total

Total

£m

£m

£m

Cm

£m

364.5

(26.6)

55.2

28.6

21.5—

22-0

(7.6)-

2.0

(5.6)

(1-7)

- -25.8

- (2L9) . .

- .3,6. _ -

0.7

1.0

46.7

(2.4)

3.1

0.7

2.5

- ’ 8.4

(06) -

0.8 -

0.2

0.4

• 9.9

(1.4)

1.5

0.1

(0.4)

(1.2)

(1.2).

(0.8)

477.3

(42.7)

66.2

23.5

22.5

36.0

36.0

31.6

(42.7)

1022

59.5

54.1

eandavlation.

above, of £&JariBea<j£L4ni|]ioii)n»knEa to&loffS J xoBKon

The Report and Accounts vnlIbeposfedon30ApriL For a copy, please mite io The Secretary m
address below. Stockholders will receive copies amommaiBy. The Annual Geamd Meeting mil beiiaa
at 12 noon on27 May at Vickers House.

VICKERS PX.C. -VICKERS HOUSE, MIUBBANK, LONDON SW1P4RA

Copies of the Report and Accounts for 1381 and the Chairman's Statement will be sent to shareholders on 8th April 1382.

Eagle Star Holdings plc

1 , Threadneedfe Street London EC2R 8BE

TKt'Vivm

nl

^ trioty ■

26

Finan cial Times Thursday March. 25 .1982

Companies and Markets

UK COMPANY NEWS

Surge in Pru life profits

UK retail

... side hits

offsets big insurance loss church

DRG down £2.5m but better trend

A NEAR 40 per tent rise in life
profits last year, from S402.2m
tn *550.2 m, enabled *™deo([aI
Corporal ion lo lift its divi-
dend bv 1S.6 per cent from : lip
to 12.5p. with a final of J>p. vVitn-
profiL policyholders receive a
35 per cent increase in their
bonus allocation from £372m to
£5QSm. . _

The shareholders portion of
life profits, up from £29Sm to
£4 1.5m, offset very poor results
from general insurance business.'
Where underwriting losses
nearly doubled from £33.9ra to

£59m' „ . .

Losses in Canada jumped from
£2.9ui to £10 4m, despite rate
increases, while losses from the
specialist reinsurance subsidiary,
Mercantile and General Reinsur-
ance, rose from £Ii-=m to £23,3m.

Investment income on general
insurance funds improved 37 per
cent from i’33.Sm to £46.1 m, but
this failed to cover underwriting
tosses end the general' insurance
branch made a pre-tax loss of
£ 12.9m. A tax credit trimmed
the after-tax loss to £?t2m, com-
pared with a profit of £2.5m.

Investment income on share-
holders’ funds rose 6 per cent
from nS.Tm to £19.8m. Miscel-
laneous income more than
finublcd from £Jm to £2.2m,
arising mainly from the growing
■ business from Prudential Port-
folio Managers — the segregated
pension fund investment manage-
ment service. But higher ex-
penses and tax charges cut the
after tax profit from £10.5m to
£9.9m.

The net result was that the
buoyant life profits enabled the
total aftertax profits of . the
Corporation to improve margin-
ally from £42.5m to £43-2m, with
earnings per share rising from
14 2p lo 14.5p. The dividend is
covered just 1.16 times.

Premium income on the
sen era 1 insurance branch showed
strong growth in sterling terms
rising nearly 25 per cent from
£456m to £5 69m. Premium
income in the life branch rose

16 per cent to £1.19bn.

Underwriting losses on UK
general insurance business
worsened slightly on the year
from £9.3m to £9,7m on premium
income up by 16 per cent from
£173-4m lo £2Q1.7ra. The results
would have shown an improve-
!" M t but for the bad weather
in December which . cost the
group around £5m. Premium
income on the domestic house-
hold account rose by 27 per cent
following rate increases in 1980
and 1981, but the underwriting
loss was still £5ra against £6.7m
-in I960. Motor insurance
premiums rose 10 per cent and
the underwriting loss was cut by
one-third from £3.3m to £2-2m.

The -adverse results of
Mercantile and General reflect
the excessively competitive
market in international reinsur-
ance and the worldwide problems
facing the insurance and reinsur-
ance -industry. Underwriting
results continued unprofitable
especially in Australia. The
group has again strengthened its
technical reserves, particularly
for long tail liability business.

The total free assets of the
group at the end of 19S1 repre-
sented 49 per rent of short-term
general insurance premiums,
.compared with 60 per cent at the
end of 1980. This reflects the
considerable growth in premium
income not 'accompanied by a
rise in asset values.

The good performance from
the life funds in 1981 owed much
to the Pro's heavy involvement
in equities and property. The
Pru was again a steady investor
overseas, putting £100m in over-
seas equities — the same as in
1980 — with slightly more
emphasis in the U.S. compared
with Japan and the Far East.
But it invested more in UK
equities Iasi year than in 1980.

Last years investment brought
total overseas holdings tn
around five per cent of the total
portfolio, compared with four
per cent at the end of 1980. The
Pru envisage that future over-

seas investment will keep the
ratio at this level.

With-prefit policyholders la
both life branches get high
reversionary and terminal
bonuses, plus a new additional
reversionary bonus declared for
the first time for policies used
in 19S0 or earlier.

In ihe Ordinary branch, the
reversionary bonus on assur-
ances rises 20p to £5.30 per cent
of the sum assured plus an
additional reversionary bonus of
20p per cent for each year prior
to. 1981 up to a maximum of £3
per cent. The terminal bonus
scale ranges from £25 per cent'
of ihe sum assured for 10 years
in force to £150 per cent for
SO or more years. The previous
scale varied from £17.70 to
£123.60.

The reversionary' bonus on
individual retirement annuities
is lifted 40p to £8.20 per cent
%f the basic benefit, with higher
terminal bonus scales.

The reversionary bonus in the
Industrial Branch is also lifted
20p to £3.60 per cent of the sura
assured, with the same rate of
additional bonus as for the
Ordinary branch.

See Lex

Firmin rises
to £430,000

AS EXPECTED, there were
lower profits from the UK retail
Companies of Church and Com-
pany. shoe retailer. - wholesaler
and manufacturer, which left the
taxable total down from £1.96m
to £1.56m for the whole of 19$ I.

The directors say that since
the year end R. P. Ellen has
merged with A. Jones resulting
in administrative savings.

The UK manufacturing com-
panies increased their profits hy
147 per cent and the l'£. and
Canadian subsidiaries also
increased their contribution.
Overseas profits accounted for 52
per cent of the group total.'

Directors say that the UK
factories are still “ very busy
and exports exceptionally
buoyant"

Turnover for the 12 months
amounted to £35.56m (£32.24m‘l
and trading profits of £226m
f £2.73m ) were subject to-
Interest charges, down slightly
from £776.000 to £705.000.

After tax. £499.000 f £457.0001
and - minority interests £6.000
(£8.000). the attributable balance
was £1.05ra (£1 ,49ml, of which
dividends will absorb £443,000
against £417.000.

Earnings per share are shown
as 20-2p. compared with 2S.6p.

Profits, before tax. of sub-
sidiary A. Jones and Snqs
dropped from £l.l3m to £296,000
for • the year, on turnover of
£16.14ra (£15. 32m).

THERE WAS a pick up in profit-
ability m the second half of 1981
at DftG but the group, which has
interests tn. packaging, stationery
and engineering, ended the year
with pre-tax profits £2.5m lower
at £15.5 m. Interim taxable
figures had fallen from £10.$m
to £4.7m.

The final dvndend is feeing
maintained at 3p net for an un-
changed total of 6p per 25p
share. Stated earnings per share,
before extraordinary items, were
down from 9.6p to 7.2p.

Group turnover for 1981 was
marginally lower at £567.4m
(E588~m). but sales to customers
rose from £520 .3m to £53* 9m.
Trading profits decreased from
£27.6tn to £24.Sm with UK results
down hy £2.7m to £9m. At half-
time. UK profits had tumbled
from £S.3ra to £l.lm.

Mr John Camm , the chairman,
comments that while the second-
half UK results are not regarded
in any way satisfactory, they do
indicate an -improvement. He
does not expect increases in con-
sumer demand to provide addi-
tional volume in 19S2.

The group is planning to
improve profits but this will
derive from control of costs and
increased productivity from its
-ongoing businesses, he states.

Second half pre-tax profits of
Flrmlo and Sons improved from
last time’s £162.000 .to £235.000
and lifted the total for 1981 to
£430.000, compared With £334.000.

The net dividend for the year
is being increased from 3.5p to 4p
by a final of 3p despite a drop
in stated earnings per 25p share
of 1.5p to 3.1p after a higher tax
charge of £218,000, against
£85.000.

LISTINGS

CANCELLED

The pattern of profitability in
the UK for the year as a whole
reflected a continuation of the
difficult market conditions which
prevailed during the second half
of 1930. DRG’s main manufactur-
ing businesses in packaging and
stationery suffered from falling
demand as customers continued
to destock and aggressive, pricing
for available business eroded
margins. The tra ding and

engineering operations, however,
improved earnings.'

Substantial progress ha s con-
tinued to be made in slimming
the UK businesses in order to
improve competitiveness in home
and international markets. This
has involved a further reduction
of 3,000 In numbers employed,
which bas been achieved with-
out reducing the productive
capacity of DRG’s ongoing
businesses.

Overseas profits were little
changed at £15.Sm (£15.9m) with
results affected by a lower level
of profitability • in the second
half, in Canada, after a good
first half, business in' the third
quarter was severely hit by a
five-week mail strike and a down-
turn in demand (or packaging as

customers destocked.

The chairman says profits In
South Africa were disappointing,
particularly following the opti-
mism expressed at halfway. In
addition to a decline in sales of
flexible -packaging due to lower
demand in the fourth quarter—
normally a period of high activity
— the misrepresentation In local
management reporting of DRG.
Stationery's trading results led
to a profit shortfall of some
R2.5m against expectations at the
interim stage. Action has been
taken to restore the position.

Papeteries de la Couronne in-
creased its share of the French
stationery and envelope market
and achieved record levels of
output and profits. The New
Zealand and Australian com-
panies produced higher profits in
testing trading conditions.

A divisional breakdown of UK
trading profits shows: packaging-
consumer £2.Sm (£4. Ira) and
industrial £lm (£2.1m>; manu-
factured stationery £3 5m

(same): paper and board £0-5m
loss <£2.lm profit); trading
£l,9tn (i'1.3m): engineering
£2£m (£l.Sm). Losses from dis-
continued businesses fell from.

£3.7m to £2.2m and there were
unallocated central profils of
£0.5m last time.

Overseas, profits were split
■geographically as to: Europe
£4.1 m (£33m); North America
£2.6m <£3.1m); South Africa
I7.3ra i£7"m) and Australia
£l.Sm (£1.6ml.

Group trading profits were
before crediting a £0.6m (£0.5m)
share from associates, and debit-
ing net interest -payable of £9.0m
(£10. 1ml. Tax charge look £6.9m
(£7.5m) and after minorities,
earnings before extraordinary
Items showed a fall from £Sm to
£6m.

* Extraordinary debits decreased
from £8m to £3.4m and with
dividends again costing £5m. die
group had a deficit of £2.4ra
(Efim). The 1981 extraordinary
items comprised £5.6m for re-
organisation costs, less a surplus
of £1.8m on certain properties
stated at net realisable value and
tax relief.

which the group is jjj the
process of realising
Overall capital investment hi
new plant was maintained at ifa
same level as in 1980.

comment

In current cost terms, pre-tax
profits were but to £2m (£2.5m>
and after all charges the deficit
was £22.7m (£19.4m).

Demand for cash in the year
resulted tn on outflow; of £9.3m,
of which £7.6m was outside, toe
UK. caased mainly by a heavy
overseas capital expenditure
programme. Despite spending
£13.3m on reorganisation, the out-
flow in toe UK was limited to
£1.7m due to another major
effort to reduce working capital
employed- There remain sub-
stantial surplus assets realised
as a result of reorganisation,

In current eusi lenox DRr,' s
attributable loss for 1981 . cante
out at an awesome £ 17.7m, yet
the shares responded yesterday
by jumping up to S6p (nearly
one- fifth higher on the day). The
historic figures were probably
somewhat boiler than the market
had expected, while the prica
had been reflecting an excess
of caution about the dividend
(maintained, as ti turned anti.
DRG has carried on boiling
down its UK operations* the
workforce has come down from

20.000 lo about 13.500 (counting
the latest round of closures). 15
paper machines have been cut
to three, and product ranges
severely' pruned. Over 1981

3.000 stationery lines were
eliminated, three-quarters nf the
total. DRG is already feeling
some benefit from lower wage
bills and more efficient use of
working capital, and the cut-
backs have thrown up a coo-
eide rable amount of property-
in due course to be transformed
into cash. There is, so far, little
evidence of a revival in demand
for the group and it must, rely
on - following through internal
changes for an improved result
in 1982. Assuming broadly static
performance overseas — except in
South Africa, where corrective
action could bear fruit this year
— DRG might make £18m. before
tax. But it is the yield— now
10.3 per cent — which will have
to sustain the share price mean-
while.

Group turnover amounted to
£2.57rn (£2-21m) — it manufac-
tures badges, buttons and
military ornaments.

Listings cancelled— they have all
heea temporarily suspended for
over' three years: Tov.-n and
Commercial Properties — ordi-
nary and 6j per cent loan stock
1983; Simo Securities Trust — Bf
per cent loan stock 1987-92:
David Charles — ordinary and 10
per cent redeemable preference:
Highlight Sports ordinary
shares; Edward Bates and
Sons (Holdings) • ordinary*;
Century Securities ordinary.

Meggitt
sees first

Modest improvement at R. Clay

half loss

BICC

1981 Results and
Final Dividend

PROFIT BEFORE TAXATION increased from £74.6 million to
£101.9 million.

CURRENT COST PROFIT BEFORE TAXATION up from

£55.1 million to £81 .3 million.

CONTINUED STRONG PERFORMANCE in overseas cable-making

but lower profits in UK.

EARNINGS PER SHARE up 9% at25.2p on historic cost basis.

DIVIDENDS increased by 10% to 10.37p per share.

CAPITAL EXPENDITURE on plant and equipment up 25% .

ACQUISITIONS costing £73 million, principally in the electronic
components sector

RIGHTS ISSUE and other share issues during 1981 raised £72 million net of
expenses;

FINANCIAL POSITION remains strong with grass debt at 40% of
shareholders* funds.

OUTLOOK -continuing sound progress expected.

Group results for the year ended 31 December

HISTORIC COST BASIS
Sales

1981

£m

1980

fin

1604.3 1364.8

Operating profit
Finance charges
Profit before taxation
Taxation

Profit after taxation
Minority interests. ;

Attributable profit .

CURRENT COST BASIS
Profit before taxation
Attributable profit

EARNINGS PER SHARE
Historic cast basis ....
Cunrentcost basis

DIVIDENDS PER SHARE

109.6

86.6

7.7

12.0

101.9

74.6

41.9 .

28.6

60.0

46.0

18.0

9.8

42.0

36.2

81.3

55.1

25.8

21.1

P

P

25.2

23.1

15.5

13.4

10 JST

9.43

The final ordinary dividend
of 7.04p per share (1980:
6.40p per share) will, if
approved, be paid to

ordinary shareholders
registered in the books of
the Company on 21 May
1982. Warrants win be
posted on 29 June 1982,
payable i July 1982.

The complete press
release is available from
the Secretary BICC pic.
P.O.Box No. 5,

21 Bloomsbury Street,
London WC1B3QN.

THE DIFFICULT trading
conditions last year at Meggitt
Holdings have continued, into
the currem. year, which
inevitably means that there will
be a loss for the first half. Mr
J. O. T. Taylor tdd members
yesterday.

He is encouraged, however, by
the significantly higher level of
inquiries apd intake of new
orders this year.

He adds that tbe company still
has a long way to go to full
recovers' and 1982 is likely to
remain difficult

Consultants

computer

expansion

AS EXPECTED at midway trad-
ing conditions for Richard Clay
and Company, book printer and
binder, have shown an overall
modest improvement

Although the group incurred a.
pre-tax loss of £954,000 for toe
year to January 1, 1932, compared
With a profit of £581,000, tbe
figures included exceptional
debits of E7S7.000 t £271.000) and
net interest charges of £162,000,
against a credit of £5.000.

Management accounts indicate
that the group is now trading
profitably and that its cash posi-
tion has improved. As a token of
their confidence in the anticipated
recovery’ in the group’s trading
results the directors are pro-
posing a dividend of Ip net per
25p share (the interim -was
passed) which compares with a
total of 3p the previous year.
Loss per share is given as 13.1p
(7.87p earnings).

Turnover for the year rose
from £lS.2lm to £lS.96m and the

directors point out that the
group’s order books in general
are “at better levels now than
a year ago.” Productivity has
improved and the group is pro-
ducing a greater output than in
1980 with a reduced workforce,
they add.

Apart from the 'exceptional
item, which related to the -cost
of redundancies, pre-tax profits
included a surplus of £197,000
(£263.000) being the release from
discount on acquisition.

There was a tax charge of
£129,000 (£128,000 credit) and
after dividend payments . of
£94,000 (£273,000) there was a
loss of £1.18m, compared with a
profit of £436,000.

At the six months Stage, the
group had fallen from a pre-tax'
surplus of £333,942- last time to
a deficit of £662,000. ! ■

• comment

With no closure of operations,
Richard Clay's redundancy - costs

are taken above the fine, giving
pre-tax profits a rather unappeal-
ing aspect, and it was revaluation
of type metal that brought
second-half trading profits £45.000
above break-even. But the shed-
ding of 230‘ jobs will save toe
company about £ljm this year,
and last year’s wage rise was
only about 6 per cent, compared
with 1980’s 28 per cent, Tbe
Fakepham business, acquired in
1979, has again made a loss, but
is - expected to contribute to
profits this year. The best news
in 1981 -was the decline in the
strength of sterling, aiding direct
and : indirect exports, and hitting
dumping by U.S. Richard Clay
claims increased market share,
with .Mills and Boon continuing
to find new outlets. Still with a
strong balance sheet, Clay having
passed the interim dividend, is
paying a small final. The share
price gained lp yesterday to 42p,
yielding 3.4 per cent Assets per
share are now almost 3i .times
the share price.' •.

PRE-TAX profits of Consultants
(Computer and Financial) were
ahead at £106.209 for 1981 against
£S2.9S4 the previous year and
turnover rose from £414,440 to
£716,835.

The company, which provides
computer systems and a com-
puter consultancy service,
achieved a trading profit
increase of 103 per cent at half
year to £61.062 (£30,025).

As forecast when the com-
pany was first quoted on the
USM last April, no dividend is
to h e Paid for 1981. Stated earn-
ings per 10p share were silgthly
up at lip against 10.5p.

The directors say the outlook
for 1982 is encouraging and that
interest ip the group’s activities
Is at its strongest, particularly
Fiscal. Ships and Tims, the
investment management system.

Last year there was a tax
credit or £101 against a charge
of £9,481 previously, leaving -
aftertax profits of' £100,310
(£73.503).

There was an extraordinary
debit of £28,125 (nil)— a write
off of goodwill, say the direc-
tors.

DESPITE the recession, the
lower level of consumer spend-
ing and the loss of sales because
of bad weather the results for
the first six months at Maynards,
confectioner, are considered
reasonable, says Mr H. Peter
Salmon, chairman, although they
are below budget.

Sales rose by 24.4 per cent
from £31.39m to £39.05ra for the
period to December 1981, but
pre-tax profits slipped from
£1.52m to £1.36nu

“ Nineteen eighty-two looks
like being an even more difficult
year than 1981,” says Mr Salmon,
“and a year when Jt will be
essential for us to be as flexible
as possible." He finds it difficult
to see any likely upturn' in
trading conditions which is
essential before the group can
capitalise on internal reorgani-
sations.

' Mr Salmon points out that the
recession and the high level of
unemployment adversely affected
consumer spending, and sales .

were also last in the vital pre-
Christmas trading period be-
cause of the bad weather.

The two trading periods are
not strictly comparably says Mr
Salmon, since the 1981 trading
period ended on January 2 1982
(December 27 i960). There were
also additional operating costs as
a result of factories being dosed
for the Christmas holiday week.

Industry statistics for 1981
show a further decline of 25 per
cent in demand for sugar con-
fectionery, says Mr Salmon. The
manufacturing division achieved
a 2.5 per cent increase in the
highly competitive UK market
while suffering from ’ lower
export demand and- increased
raw material and utility costs —
leading to a further squeeze oh
profits.

Tbe results of the amalgama-
tion of Sun D'Or and Maynards
ranges are being closely
examined in relation to toe
group's place in the confer
tionery market bearing in mind

prospects for live Industry, says
-Mr Salmon.

. Reduced demand in retailing
has. been aggravated by in-
creased costs imposed by outside
agencies, says Mr. Salmon. Des-
pite this -the retailing side has
performed reasonably well; 'but
both divisions were affected by
the December weather, i. The
effect on. the toy retailing -divi-
sion, whose shops are mainl y in
city shopping centres, war par-
ticularly severe.

The interim dividend has been
repeated at 3.125p. Last year's
total was 9.375p paid from pre-
tax profits of £2m on sales of
£57. 36m.

Pre-tax profits were struck
after depreciation of £273,000
<£2S4.Q00) exceptional item'
which . included credits of
£108.000 (£40.000) in property
sales, and reorganisation - and
redundancy costs this time > of.
£68.000. There was an interest
charge of £60,000. against a
credit of £51.000 previously.-

The 1981 annual report
will be posted to share
and loan stock holders on
24 April 1982,

The annual general
meeting will be held In
the Meihven Room,
Centre Point, 103 New
Oxford Street London
WC1A 1DU, on 20 May
■l982at12noon.

TTie above historic cost results exdude (a) extraordinary losses of £6.7m (1980 :£3.5m) and
(b) aspecial tax credit in 1900 of £10.6m.

Cable-makers

Civil, electrical and mechanical
engineering and construction
Electrical and electronic components

EUROPEAN OPTIONS EXCHANGE

Series

May

Vol. | Lost

Aug.

Vol. Last

Nov. I

Vol. ( Last Stock

S3D0I

85351

3350

SS75i

S4O0

S425

3300

3335,

83501

S375I

95

125

5

155

7

11

21
to a

4.80 A^

6

10.60
24

5.60

COLD C
GOLD C
COLD C
COLD C
COLD C
GOLD C
GOLD P
GOLD P
GOLD P
GOLD P

12H NL 81 87-91

C
C
C
P
P
P.

101s NL SO 86-95 -

C F.lOO! 205 | 3.GOAI

C F. 103.50

P F. 102.501

IU 4 NL 83 83-93

C F.102.SOI 2474 | 2.10

C F.lOSi 182 1

P F. 102.501 — I —

25

44

5

3

20

25

37

52

35

23

14

I -

I 33

34

- I

5.10
10 A.
17 ;

85 j39.60 {,

26 1 15

$332.25

F. 107.601
F.110I
F.na.so;
F. 107.50
F.l 10
F. 112.50

W I

129 I

1,60

100

306

25

100

1030

6

3.60

2,30

0.20

uo

40

40

4.40

F.l 13.60

1.10 Bj „

198 3.80 10 4.30 AfF. 105.20

35 2J0 - - I

200 1.10 — —It.

140 2.60

108 1.30

20 0.40

40

- F, 104.20
3 M

AKZO C
AK20 C
AMRO C
AMRO C
HEIN C
HEIN C
HEIN C
IBM P
KLM C
KLM C
KLM C
KLM C
KLM P
KLM P
KLM P
KLM P
NEDL C
NEDL C
NEOL C
NEDL C
NEOL P
NEDL P
NATN C
NATN C
NATN C
PHIL C
PHIL C

phil e

PHIL C
PHIL P

April

30 ; 1,70
40 0.60

July

Oct

42 r 3 IF.29
104 ; 1AO I w

— If.81,50

- i — ! - >F.5&0

— 1$59’?8

- F. 108.70

~ i F.l 18.50

RD C
RD C
RD C
RD C
RD P
UNIL C
UNIL C
UNIL P

■TOTAL VOLUME IN
A^Aato*

F.70'

f.8o:

fAo!

F.lOO:
F.80|
F.13Q:
F.l 50
F.150!

CONTRACTS:
B— Bid

Report

Mrs. J.M. Tyrrell reports:

■^-Half-year profits substantially increased.

Second-half year expected to be equally good.

-^Hand knitting market slightly more buoyant, '
but no very marked improvement yet.

^ Interim Dividend (net) of L6o per shaze -
,(1981:JL35p).

Sumtnary of half-year results

(Unaudited)

Turnover

Trading Profit
Interest and other income
Profit before Taxatio n
Taxation (UK tax 52%)

Profit for tfie period

E a rn i n gs per share
pre-tax

Earnings per share
after-tax

Dividends per share

coded 8th
January

iiwo

• 28mtSs .ISsf

etuWl.’A - endti

' Jiutiun cCthJunt

mi mi

. tfxv l'i xn

27,650

15,451 14,366

2,801 • 2»350 - 5,202
127 (55) 112

2,928 2,295 5,314
(1,084) (965) n.85iy

1,844 .1,33 0- 3,46?

lZ2p 9:6lp : 22%

7.7p

1.6p

5% ; i4%

i.35p : ;

Mute: SmuTim unJDnifenJ/gwtsfcnt bom rautal loreflect^Al-fat'i' ’
Scr#» Issue m October 1981. V_ : e

Sirdar PLC

Maynards slips below budget ]

rZ.-'-i ■

\

Financial Times Thursday March 25 1982

Conpanies and Markets

UK COMPANY NEWS

Rockware improves in second half

. C'V
- s

-xi'*.

V

Sv/

" V

■r. ,,

; M| : 6
. ■ s *».

% n,. -

' ' *r:.

at R.Q

,\

tiuua

losses of £L35m In the
first half, Rockware Group
returned to profits of £0.9m in
1881 against £0.47m in 1880.

Although no interim dividend
was declared, a faai payment
of 3.1p per 25p share is being
repeated. Stated earnings per
share are 2.6lp compared with
0-2%) previously.

The group, which manufac-
tures glass and plastic con-
tainers, reports a drop in turn-
over from £l698m to £L61.6m
and an operating profit before
interest and exceptional items
Of £8.44m (£8. 62m). Associated
companies contributed a loss of
£77,000 against a profit of
£167,000 last time.

A divisional breakdown of
turnover and operating profit
before interest shows: glass
(including parent company and
minor subsidiary results)
£112.9m (fl.16.2ni) and £5.6m
(£4.4m); plastics £46.2m
(£4S.9m) and £L2m (fl.lm);
engineering £2.39in (£4. 67m)

and £1.15m loss (£89,000 profit).
Operating profits are shown
after deducting exceptional
items of £0.8m (£3 .02m) mainly
in respect of redundancy costs.

Jones and

Shipman

slides

AFTER REDUNDANCY and
termination costs of £283,000
Jones and Shipman, high,
precision machine tool .maker,
saw pre-tax profits plunge from
£2. 15m to £638,000 for 1981. The
final dividend is L05p, which
.cuts the total payment by half
to L8p.

Stated earnings per share
were reduced from UJBp to 5.8p.
Turnover for the 12 months fell
by £5 .53m to £16.67m.

Profits at the interim stage
were down from £L36m to
£327,000.

The order intake for. the first
quarter is weU above that of the
same period last year, say the
directors, bat it is still below the
level needed for the company to
generate a satisfactory return on
capital employed.

The directors hope that the
modest rate of recovery being
experienced will continue to
develop as the year progresses
and provide consequent benefits.

Interest charges were sharply
lower at £2^)00 (£111,000) and
government grants feH from
£61,000 to £19,000.

On a. current costs basis the
company showed a pre-tax loss
of £149,000, against previous
profits of £992,000.

Bank Leumi
rights issue
to raise £2.5m

Bank Leumi (OK) proposes to
raise about £2 .5m with a rights
issue of oaefar-two shares held
on March 23 at 17©p per share.

The issue is being underwritten
by -the bank's parent company.
Bank Lenmi le-Israel BM, which
wifl exercise its lights in respect
of its 74.78 per cent bolding in
the bank.

The brokers to the issue are
Cazenove and Co.

Dealings in the new shares are
expected to start on April 20.
The latest time for application
for excess shares wffl he 3 pm on
May 13.

. The now shares will not rank
for the interim dividend to be
paid in August

The directors say they believe
further actions they have taken
will bring the company forward
into better times and profit-
ability this year. '

They say the glass company
was affected for the second year
by redactions of some 5 per cent
in sales volume for the industry.
The redundancies announced at
the interim stage and other
economy measures cut unit costs
but the savings were passed
largely to customers.

The' Si Helens factory was
dosed at the beginning of
December with a consequent
extraordinary cost of £10.7m.

The directors say they have

maintained their share of the
glass market and do not antici-
pate an; loss inn this area as
some facilities have been re-
opened at other factories in the
group.

They point oat that although
the performance of UK plastics
companies have been disappoint-
ing compared with previous
years and with their expecta-
tions. the group of four fac-
tories did well relative to most
of the group.

They add that there has been

considerable rationalisation since
the end of the year, the costs
Of Which will be borne in 1982.

The engineering division
performance was good despite
considerable short time working
and except for Kingspeed which
generated heavy losses, they say.

Interest was lower at £4. 66m
against £5.3m. After £225,000
(£145.000) profit after tax was
£674,000 (£327,000). There was
a prefit on exchange translation
of £19.000 compared with a loss
of £118,000 last time:

Minority interests tort: £85,000
(£114,000) while extraordinary
item debits were increased ait
£10.7m compared with £131,000.

There were increased retained
losses of £10.59m compared with
£531,000 after dividend payments
Of £496,000 (£495.000).

On a CCA basis, there were
pre-tax losses of £2.6m against
£5-2m.

• comment

Competition in glass manufac-
turing remains white-hot. but it
was the engineering division,
with turnover halved and a loss
of over flm pre-tax and interest,
which let Rockware down. The

group as a whole seems to be
recovering; with a £5J3m turn-
around second half on second
half. The St Helens plant had
been losing about £lim a year;
its closure this month, at a cost
of £l0.7xn, means that Rockware
has shed about 45 per cent of
its 1979 workforce. The com-
pany claims that market share
will not be affected, but the
problem is the shrunken state
of the market itself. Decem-
ber’s 8 per cent price rise is
not having an easy ride, but
Rockware claims that customers’
stocks are sow at an irreducible

minim nrr> and rm tho energy

costs front, Mr Howe has proved
to be on the side of the angels.
Gearing is down to about 40 per
cent but a long, hard look at the
balance-sheet is needed if, as
seems possible, Rockware fol-
lows Metal Box and Redfeam
into PET bottle manufacture.
After the results, the share '
price gained 8p to close at 71 p,
yielding 4.35 per cent on the
maintained solitary pay-out. A
continuing attraction is the net
asset value of 264_2p per share,
Pilkington holds 19.5 per cent
of tbe equity.

Clifford’s Dairies surges 53%

A 53 per cent surge an pretax
profits, from £2.l6m to £3.3m, is
reported by Clifford’s Dairies for
19SL The result is slightly better
than was anticipated at the
interim stage when profits at the
pre-tax level emerged at £L63m,
compared with £Q-89m.

- The directors say that liquid
nxHk margins were more satisfac-
tory, compared with inadequate
margins -during 1980, and that
uncertainty concerning the liquid
milk costings system are largely
resolved.

They add that there were
higher volumes in most areas of
the group’s business, particularly
fruit juice.

AJihmigh earnings per share
are shown as being lower at
20.13p (21.95p) an increased
final dividend of 3fip (2.75p)
raises the net total by lp to 5p
per 25p share.

Group turnover for the year
increased by 13 per cent to
£55.9m (£49. 48m) and trading
profits came through ahead at
£3. 65m J£2.64m).

The pre-tax figure included a
share of associates of £231,000'

(£224,000) and was after interest
charges of £583.000 (£708.000).

Tax took £852.000 (£324.000
credit) and after extraordinary
credits of £140,000 (£27,000).
mainly profits from the sale of
land and buildings, the attribut-
able balance emerged at £2 59m
(£2 -51m) out of which dividend
payments will absorb £608,000
(£486.000).

During the year £3m was
invested in new buildings, plant
and vehicles including comple-
tion of the Kidlington juice
factory. Total borrowings were
reduced by more than £bn.

Shareholders' funds are 195p
per share including goodwill
shown in the accounts equal to
28p per share.

Current cost accounting
reduces tbe pre-tax figure to
£2.T8m f£1.72ro) and on the same
basis earnings per share were
15.87p (18-08p).

• comment

Clifford’s has performed- a bit
better than expected thanks to
improved milk margins. The

group has been able to expand
its milk business in growing
areas such as Bristol, Berkshire
and Oxford, which have not been
as badly bit by unemployment
Fruit juice is now 5 to 6 per
cent of overall sales and has
tbe capacity to grow further.
The competition is tough in this
area, however, and Clifford’s will
have to nur hard to improve its
.position in this markef A
property revaluation at the time
of the Unigate hid and a sub-
sequent rights issue more than
doubled the group’s net capital
employed in the last two years.
However, return on it has
dropped from a peak of 26 per
cent in 1979 to less than 16 ner
cent in 198L This could be one
reason why the shares have not
budged from 200p despite the
25 per cent increase in tbe divi-
dend. The fully-taxed p/e of
more than 15 seems to be expect-
ing more than tbe mature milt
market can deliver over the
longer-term. The historic yield
on the thinly traded shares is
2.4 per cent

Berwick Timpo loss: no final

A VERY disappointing year for
Berwick Timpo, the toy manu-
facturer, has seen the group
making pre-tax losses of £467,217
for 1981. against profits of £L08m
previously. In the light of the
year’s results, no final dividend

is being recommended. . - - _

■ ■. _ . . . ... . , and the resulting write-offs are

^w*,** 4 reHected in the trading loss.

to be brought to the market
which affected sales of tbe
standard ranges of British
manufacturers.

Mr Oakley says that in these
circumstances the board took a
particularly severe view of the
company’s stock at the year end

from £288,000 last time to
£416,000. The interim dividend,
however, was maintained at 2p
and tills payment therefore now
compares with a total of 6p in
1980. Stated yearly loss per 25p
share was 8.5p <21.1p earnings).

Mr J. D. Oakley, the chairman,
reports that in the current year
the company^ performance
against budget indicates a return
to profit If this performance
continues, the board would expect
to be able to recommend a
dividend for this year.

Sales for 1981 decline from
£14. 44m to £13.23 m. In addition
to a drop in volume, difficult
trading conditions bad an adverse
effect on margins. Large quanti-
ties of clearance merchandise
from H*me and abroad continued

During the year the company
reduced its operating costs very
significantly and this included
making a substantial number of
redundancies. The full financial
benefits of this will be reflected
in the current year, the chairman
states.

Conditions continue to be very
difficult and tbe company’s High
Street customers are still trading
at a low level. Mr Oakley says
“a contmoaffon of the current
economic circumstances would
make it very difficult for us to
achieve an increase in volume
in the current year. Nevertheless,
the cost reductions we have
achieved mean that we would
return to profit at a lower volume
of sales than last year.”

During the preparation of the

accounts it was discovered that
falsifications had been per-
petrated by a former employee
in the 1980 accounting records of
two subsidiaries which had
ceased trading at the end of 1979
and whose, affairs were .sub-
sequently being wound up. '

Tbe effect of the falsifications
is that extraordinary costs in the
group's 1980 accounts were
understated by £413£04, net of
tax. This amount is being
treated as a prior year adjust-
ment in the 1981 accounts.

Attributable losses for the year
were £476530. compared with
earnings of £512,684. These were
after a tax charge of £5580
(£108.307 credit), a restated
extraordinary debit of £671.239
last time, and the preference
dividend of £2,783 (same).
Ordinary dividends cost £112,422
(2338,323).

At the' year end, group net
assets totalled £3 .58m (restated
VA1 7m), while net bank borrow-
ings increased from £412.168 to
£622^75.

Hepworth
Ceramic
hits £24m

TAXABLE PROFITS of Hep-
worth Ceramic Holdings
advanced from £22J99m to
£24.15m for 1981 on turnover
of ■ £289.73 m, compared with

£26821 m.

The figures included a share
of losses less profit of associated
companies, higher at £746,000
(£445,000). and was after
interest payable of £2.54m,
agai ns t a credit last time of
£430,000.

Tax was sharply ahead at
£8J39m (£821m) and after

similar extraordinary debits of

£6.24m (£6.04m) the attributable
profit emerged slightly lower at
£9 51m, against ' £9D4m.

However, a same-again final
dividend of 3p maintains the net
total at S25p per 25p share.
Stated earnings per share de-
clined marginally from 10 .2 p to
lOp.

A breakdown of turnover and
trading profits (£27 .4m, com-
pared with £22. 3m) before extra-
ordinary debits by division
shows: clayware £95 -8m (£93 .3m)
and £12.8m (£12m); refractories
£45.5m (£48 ,2m) and £L2m

(£2 .lm loss); industrial sand
and minerals £54.6m (£50.6m)
and £7.4m (£83m); plastics

£68.4m (£47m) and £3.2m

(£2.3m); foundry resins and
equipment £18.6m (£17Bm) and
£lm (£0.7m); and engineering
and miscellaneous £12 -3 m
(£lL7m) and £0£m (fl.lm).
Inter-divisional ' turnover
totalled £5.5m (£5 .4m).

' The extraordinary debits re-
sulted from a further restructur-
ing in the clayware and
refractories divisions and com-
prised £606,000 for closure costs
less tax relief and £5.63m for
closed plants written off.

CCA adjustments reduce the
pre-tax figure for tbe year to
£11.7m (£10Um) and on* the
same basis earnings per share
were 2. Ip (2.9p).

First-half historical taxable
profits came through at £12.07m
(£15m) and the ' chairman
warned that there was no sign
of an upturn and that the
situation remained difficult

• comment

The flexibility of Hepworth
Ceramic Holdings, wihich aims to
keep the break-even threshold
in step with sales, has been put
to a severe test ever the last two
years. Harsh surgery in 1981,
which included 2£00- jobs, was
not enough for 1981 when turn-
over fell 13 per cent in real
terms. A further 600 jobs had
to be cut. 12 production units, in
the UK and UB. were closed br
mothballed and capital spending
contained — remaining around
£12m in the current year. For
tbe U.S. interests, wMqh in
“normal" times would account
for some 25 per cent of total
profit, sales plummeted 50 per
cent and there was a email loss
after interest. However, strip;
ping down has put productivity
up 23 per cent This, with more
efficient kilns coming on stream,
will maintain tbe company’s
competitive edge and any upturn
in damatfd will give a dispro-
portionate boost to profits. This
is most likely to come in the
clayware division through its
links with the building Industry.
Overall current '-trading is -about'
the same level as this time last
year. Yesterday’s bdow-expecta-
-tions results trimmed the shares
5Jp to HOp for a fully-taxed
historic p/e of over 14. : . * -

Cornhill Insurance Group
1981 Results

The growing
strength of Burton

Unaudited Interim results for 26 weeks ended 27th February, 1982 for
He Burton Group pic:

Sales - , ...

' First half sales at £II6.9m were up Wo on last year, excluding activities now
discontinued. Sales ofmenswear have increased'by 15% , and womenswear by
14!9b. These increases have been achieved against a background of generally
static consumer demand.

Trading profit at£12.8m was 19% up on last year, excluding activities now
discontinued Group Operating profit at £12.5m (1981 £8.0m) improved by.
S6Vo. Profit before taxation was £14.2m (1981 £8.5m). ’

Interim Dividend „ . . . , . , ' . .

] nrf g? crH to 2.5p (1981 2.0p>in order to adjust the imbalance between mtenm

an d final dividend.

AiSoughthe current economic climate is relatively stagnant, the Directors;
'remain confident of the Group’s ability to grow.

26 weeks ended 52 weeks ended

27th February 28th February 29ih August

1982 1981 1981

£000 £000 £000

Turnover -tax inclusive

Continued activities
Di scontin ued activities

.Trading profit

Continued activities
Discontinued activities

Interest

Operating profit
Other income
' >rdfitbeforc taxation
Taxation

frroHt af te r t a x a tion

116,938

116,938

12,765

-12,765
(273)
12,492
lfiK
14,168
• ( 2 , 100 )
12,068

102,399

21,629

124.028

10,754

405

11,159

(3.139)

8,020

527

8,547

(696)

7,851

200,709

>7,815

218,524

18,906

(250)

.18,656

(4,128)

14,528

1,846

16,374

(2,336)

14.038

. Copies of the Interim Statement may be obtained from the Secretary, The Burton Group pk,
2 14 Oxford Street, London WIN 9DF.

Retail divisions:

Upward trend continues
at Laing Properties

SECOND HALF pretax profits ' convertible loan issue, the com-

at Laing Properties improved
from £S.6m to £4 .45m, and
figures for the whole of 1981
advanced from £7m to £8.7m.
Tbe final is effectively raised
from 2.34p to 2.75p net for a
total of 4.45p against an adjusted
3.75p.

The directors of this property
investment company say the
development programmes both
at home and in North America
are adequate is size and content
and, with the success of the 1981

Albert Fisher
loss: £039m
rights issue

Albert Fisher Group, tbe fruit
and vegetable' wholesaler and
motor repairer, baa run into a
loss of £20,700 for the half year
ended February 25 1982, com-
pared with £16,500 ' profit The
group also announces ' plans to
raise some £385,000 by way of a
rights issue on the basis of one
new share for every two held at
a price of 20p each.

The director, together with
certain associates, have under-
taken to take up their entitle-
ments amounting to 571,186
shares (28.6 per cent).

Turnover in the half year rose
from £L97m to £3. 09m. After a

tax credit of £10,800 (£8,600
charge), there is a net loss of
£9.900 (£7,900 profit). For the
year 1980-81 there was a profit
of £76,000 from which a dividend
of &3125p was paid.

SPAIN

Much 24
Binoo Bilbao
Banco Central

pany is well-placed to pursue its
policy of portfolio growth, with
increasing emphasis on* North
America.

The year-end pretax profit?
were struck after interest
charges up from £3.1m to £3 Am
and ’administration costs of
fl.lm (same). Profit after tax
was up from £4.1m to £4.9m.
Investment income for the year
was film against £9.4 m, and
trading — wss £2.7ffl f
(£1.8m>. Stated earnings per
25p share were 8.8p (7.2p).

mi

mo

Premium Income

£ 000

£000

General business

139,994

130,795

Ufe business

16,483

13,508

156,477

144,303

Profits

General business

Underwriting result

(5,656)

(5,572)

Investment income attributable

to general insurance funds

13,123

10,842

General insurance profit

7,467

5,270

Life insurance profit

100

100

Investment income attributable

to shareholders' capital and reserves

4,883

4,072

Other income

492

195

Share of associated company result

(396)

(333)

Profrt before taxation

12.546

9,304

P rwniiim Imwn ,

I UTc

£ 1565m

fg&a ceneril £W -~ %P1

i £13. 5m

'£1 23.7m

fir. 5 m

! £1 14.0m

Kkk&s:

£ l.’Hl.iSm

£17-

» A

; JW0

yd

£ 140.0m :

■V

19R]

ProfiL before Tkkatiuu

f!25m

£*>.3m

£ii.5m

•y

'V*

J9J9 i:

■ ; ]<wo

j«i .

Copies of the Report & Accoun b may be obtained from the Secretary at32Corr.hi!l. Land, i’L'J V JLJ,

Cornhill

Insurance Group

A member of the Thomas Tilling Group

DATED MARCH 25, 1982

». ■ >fc :

International Bank for Reconstruction
and Development

issue

, on a yield basis of
£100,000,000 LOAN STOCK 1987

The Issue Yield (as defined by, and calculated in accordance with
the terms of, the Prospectus published on March 23, 19S2) in
respect of the above issue is 14.147 per cent. Accordingly, the
above £100,000,000 Loan Stock 1987 on issue will bear interest
at the rate of 14 per cent, per annum and the issue price is
£99.532 per cent

The application list will open at 10.00 a.m. today, Thursday,
March 25, 1982 and will close later the same day.

Baring Brothers & Co., Limited

on behalf of

International Bank for Reconstruction and Development

B«K4 Wsjjww —

Bunco Iftd- Cat.

Banco Santander —

Banco Urqwjo ..««««

Banco Vizcaya

Banco Zawpora .........

Dcagadoi

Espanola Ztne ............

Fscsa ; — — -

Gal. Praciadoj — *

Hidroto

Ibwdum —

Pauejea* — —

PctnKbar — .

Sogtfioo

TaMcnica — — .

Union Elam.

Prie*

%

,+or—

342

-2

302

314

—2

tto
3 G

-5‘

204

-2"

381

-3

239

-3 .

148.

-1

ȣ

60.5

38

62

51.5

-1.2

.91

-03

S9

9

“I •

711

633

KENNING

MOTOR GROUP p Lc

DjarfcaarfaadMtfwotCari.CCwnM niM VdMMiBetioh u i r i Pinrfcitfiiuii lTiwa.

Oawtu w wni i u <^JChB^iJTyr«.Speti3fi*i In Santo «ad Part, IcnfaimCotW a clIfiww

CarandWnMre.My6uadtn.M»4ate«ciafElKtifcvyKfc*.RoadlUcUriiideMnd

Rcn«4dcdiyMI.O|ttraliKi of Motorway Swvioe Aim. InsnoCC Biokai.

Yfa*r Ended
30thScptember1981

T98T

Group

£000

1991

Zimbabwe

£000

1987 ■
Europe
-fiooe--

7980
Europe
£000 -

kmover

237.143

15,037

242,106

242,863

CroupTiwfingrKJfit

14,998

2386

12312

16386

Gn>*^ NrtTrajfing Profit

3349

4A52

(903)

3^96

before loation

— . - -

-

1 DmfandiOUriteeif' *

1,163

7^95

MrtiMteiteNaiuiMt lecdpi rf*odoi*i»ei*iing»HJM00ta
Ziaatoia^UvanTa^bAcbeBiMWMUikdriwidb

MaHniW'esi'

ftrfAU BMt - - -
NrnibtrcfSMuUiwS/m ""
Yfrtoc GfO tq a Properties £34 ,033,000

QiMartufflZ lii
QhiMInhAiMKdMb
ittteaitftBtiw Wrt f
iBtaHtt) x

-N^CBrnttetbCSta- - • •

■ f ember at E*tpkrea&AS3 '

Nateo(A|^(riiat3tt

_ CbpieioftSieT98Thrport«3Aao»rt»

CM

bcobbtaediaifaSco^MwcOEEitf,

KENNING

MOTOR GROUPplc

ST1CKTHIS ON \DUR WINDSCREEN AND READ IT
EVER^TBVEYOURVTHEPETT^OLATTEhCWNr

DDD^

WITHA ■

DUAL FUEL CONVERSION i

— p*a. . A FORD TRANSIT 2 LITRE M

LWB.VAN Z

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A FORD ESCORT
ESTATE 1300

^ £600+

A FORD CORTINA
1600 SALOON

SfitfES £550+

FiBw»l>iMd«pawi i «tOTflalBmnBor:M)00anaimniilartiwfeoriiwtn9C JH

BI1RBIIIIV

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■ so much cheaper than petroL Ybur local DualTuei convasion centre can have
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Dualfuei Systems is Britain's
No. 1 LP Gas conversion specialist
Ring today for your free copy of our
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DUML

FUEL!

TELEPHONE: 01450 99 H

HEAD OFDCLUf^^lOOO NORTH CH:iURRQAD,lDND0NWV2^R

■Xz '.ml

Financial Times Thursday March 25 19S2

Planet

198Z 1

Percy Lane Group

Manufacturers of factory. glazed alummium windows
for railway coaches, motor vehicles, ilifi building
industry aid caravans.

Preliminary results
for 1981

Turnover
Profit before tax

Earnings per share

Dividend cover

1981

£7000

2&89S

833

1980

£7000

19,606

685

> Final dividend of ZOOpper share (1980

equivalent— 1.59p)

1 Proposed capitalisation issue of 1 for 2

Copies of die 19S1 Report and Accounts
-will be available from the Secretary,
Percy Lane Group pLc^ S3 GoImoreRow,
Birmingham B32AP after 19 April 1982,

T f|ig amnn nga ne nt ip p e nc atatwattercif raannrf mljt

J

••• «MH«*

Norsk Data

Norsk Data A.S

fin o g q xa ate d ' Biih P m Tmi ft&iKty jaAeSiQg&s&ofKarwQr)

Placing

of 295,000 new ^jarcs ofNQK.40 each
atNOK.340 per share

CoonityBank

Limited

Hbare Gbvett limited

Fondsfinansaa

Carnegie

Has hlStt

Umrcli

(/Manufacturers and retailers of quality shoes)

66 . Excellent overseas results
contribute 52% of group profit ^

reports Ian B Church, Chairman

# Sales up 10% at £35.6 million.

# Pre-tax profits declined to £1.56 million
owing to difficult retail trading conditions
in the UK.

# Increased final dividend recommended
making 8.5p for year (1980 8p) covered 2.4
times.

# Factories busy and exports exceptionally
buoyant.

Coraparatnra

results 1981 1980

Salas 35J>

Trading profit 226

Interest payable D.7Q5

Profit hBf ore tax 1J5&

Earnings per share 2fl_2p

Report and accounts will tie posted to
shareholders an 1 4th April 1982.
Church & Co. PLC..

St James, Northampton NN5 SJB.

M. J. H. Nightingale & Co. Limited

27/19 lov*t Lane London EC3R 8ER

is 81-82

■High Low Company

129 100 Aaa. firit. IntT, CULS...

75 62 Airspnmfl —

51 33 Armitage & Rhodu

305 197 Barden Hill

107 100 CCL 11 W Coev. Pnt....

_ 104 63 Deborah Services

131 97 Frank Horaell

S3 39 Frederick Parker

7B 46 George Blair
102 93 Ind. Precision Caatinga

108 100 Isis Conv. Pref,

113 94 Jackson Group —

130 10B Jamas Bunough

334 248 Robert ‘Jenkins ......

64 51 Senrttons " A -

222 159 Tordoy & 'Carttale «...
15 10 Twinlock Ord. ....

BO 68 Twinlock 15pc ULS

44 25 Unilock Holdings

J03 73 Walter Alexander

263 212 W, S. lYeatas — -
Prices now availabta

Telephone 01-621 1212

Gtosb Yield

Fully

tenge div.(p) %

Actual taxed

—

10.0

7.8

4.7

6.4

11.6

16.0

4.3

9.6

3.8

8.5

- i

9.7

4.3

S.7

11.8

—

16.7

14.7

—

^1

—

6.0

9.5

3.1

5.9

6.4

5.0

11.4

23;5

—

B.4

S2

4.0

7.6

7.3

7.5

7.0

10.S

_

15.7

14.4

•

_

7.0

12

3.1

6.9

8.7

- 7.5

8.6

10.B .

31J

.nu

as

8S

_

5.3

8.3

as

9.1

-T..

10.7.

6J

5.1

95

15.0

18.9

—

—

107 — 16.7 14

63 — 6.0 9

127 — 6.4 5

78xd — 6.4 a

54 — —

37 — 7.3 7

109 — 15.7 14

97 — 7.0 7

IIS — 8.7 - 7

252 ■ — 31 J .12

64 — S.3 *

159. . — 10.7. 6

14 — —

79h — 15.0 18

25 — 3.0 12

79 — 6.4 a

231 :+ 1 14.5 6

on Fresial page 48148.

3.0 12.0 4.5 7.6

5.4 8.1 - 5.2 9.2

1*5 6 2 : 6.0 12.1

THE THING HALL
USM INDEX
120.2 (+aa)

close of business 24/3/82
BASE DATE 10/ll/Stt 100
Tel: 01-638 1591

LADBJROKE INDEX

Close 558-563 (-3);

MINING NEWS

St Joe stake
in Australian
prospect

BIDS AND DEALS

Clive reduces
Int. Discount
stake to 10%

A Court bid for
ACC cleared

BY GEORGE MILUN6-STANLFY

Give Discount, one of London’s b\ % .W . 1 I I «“71 1

smaller discount houses, is to %/%»

reduce its stake in the Inter-
national Discount Company. BY JOHN MOORf, CITY CORRESPOhffiaiT
Singapore s largest discount

fl ° m 20 per cent to 10 the SECRETARY of State for per share.

P*- c f nL . • Trade has derided not to refer Barclays said that meant

It has agreed to sell its shares & e proposed takeover of issoci- asking Standard Chartered which
!3.^ t ^L Siia ^ ider l. for SLQ Sa- a ted Communications Corpora- price offered by Mr. Holmes a
pore san wtuen at the current tioa fey Mr Robert Holmes & Court it was supporting. Heron

trvnnQrHJn Mfo gnmnnfe 4rt .k.wk w ' .. a .. . ■. l _ J c. *4 f ^

Sorby Hill Iead-zioc-silver pros- tion. This is currently estimated £ 247,084 and toe profit attribut- As fhe City row simmered fighting. M Standard Chartered

pect, not far from the site of to contain 14m tonnes of ore, *~ le 10 the holding included in yesterday over Mr Hctanes 4 should be asking which ts the

the Ashton joint venture's grading around 5.4 per cent Profit and loss account Court’s position as chairman of price. W* would like ahem to

diamond discoveries.

lead, 0.6 per cent zinc and 60 I amounted

The move represents the first grammes per tonne silver.

0 ©anted to £35,792 before tax. both ACC and TVW Enterprises, stand up and be counted and
The directors of Clive Dis- the company making the take- say *is it llOp or 95p.’"

...» ... , »k. .Jim 1 r J. ■ . - . _ ... fm .! TT.1 X /'ai.U CliH

significant expansion in St Joe’s The U.S. company can earn count say “the additional funds over bid, H«on Corporation Mr Hohnes S Court said

activities since the big itself an interest- of up to 35 released -will be of greater value made new moves to advance its yesterday that nuwes were aofot

engineering group Flour Cor- per cent of tbe prospect, leaving m expanding the main sub-' own. bid plans for ACC. at ACC to appoint new inde-

po ration took control almost a MTM with 40 per cent and ELC si diary, Clive Discount Com- Barclays Merchant Bank, art- pendent directors following the

I year ago after a bid battle with Aquitaine with 25 per cent pany." The transaction will take ins for Heron, is now setting to resignations of Lord Matthews

Seagram, the Canadian distilling Sorby Hills is located between place on April 1 1982. the start gain a reaction from Standard and Sir Leo Pliatzky. But in

group. Flour paid more than the town of Xunurturra and the of the company’s new financial Chartered merchant (bank, spate of -the controversy ne said

S2bn (£Llbn ) tor control of St Bonaparte Gulf, on the Western year, and the profit on the sale ad vase rs to ACC. on two offers that he had no intention of stand*

Joe. Australi an side of the border will be transferred to irmor . from TVW for ACC worth ing down as chairman. “ I am

Sorby Hills is currently with the Northern Territory. reserves. respectively 95p per share for keeping the position under

owned by Australia’s 2H3I Hold- St Joe will take over from Clive Discount made an the non-voting equity and lldp review.

owned by Australia’s MDX Hold-
ings and EU Aquitaine of
France.

reserves.

ia’s MI3I Hold- St Joe will take over from Clive Discount made an
Aquitaine of Aquitaine as operator through overall loss in its first half-year
its St Joe Bonaparte subsidiary, and passed its interim dividend.

Last August it announced it was
pulling out of Investment man-

Igom hones for

■to'**** AV1 some redundancies among staff.

Discount

Rio Algom hopes for
second-half recovery

THE Rio Unto- Zinc group’s other hand, weak metal prices

G. M. Firth takes a 12.2%
stake in Howard Tenens

CHI BUILDS UP G. ML Firth (Holdings) has Hie group’s directors, other than

BRABY STAKE taken a 12.2 per cent stake in Mr Wasserman. are recommend-

a maim- warehousing and distribution ing the deal and will accept in

A major shareholding bag Hov^rd Tenens Services, respect of their aggregate 11 A

Canadian arm. Rio Algom, does resulted in the third maj or source . » f group, Howard Tenens Services, respect

not expect any recovery in the of profit, copper and molyb- th Tn«*h»nirai anH The common factors are Mr Ian per cen

i: — . 1 — dpnnm tha fiS nar wnf ctoIrA tuc lUBCIIalurai OUU Civil ... _ .U k.u.n ...

Canadian economy before the denom via the 68 per cent stake inemJrbyan Secnrttie^
latter part of this year and thus * Loraex, falling sharply to 27 cm wuSaSd
has to face continuing difficult Percent of the total. thta weSt 4? Not

conditions with its steel opera- However, there.is some con- HoIdi^Siarf cm

Wasserman,

fenens Services, respect of their aggregate 113
tors are Mr Ian per cent holding,
shareholder in • Mr Wasserman, a former

However, there, is some con- a stated policy by each grou;

tions. These contributed 24 per solation in the fact that Lornex aJso purcbase j from one share- building up a property base. completion. Firth announced

cent of last year's total operating completed its major expansion hoIder 1 _ 48 g in ordinary shares. The shares have come from yesterday that It intends “.to

profit ? n , 5* edU e Together with previous Intel Portfolio Management, hold Howard Tenens’ shares as

As far as the important . m T Jf acquisitions CHI is interested which is selling a 7.6 per cent a long term investment,”

uranium side is concerned, Mr Ad fitted OTemiSiS? 9X1 assresate of 2.66m stake in Howard Tenens. and Tenens, which has been unable

George R. Albino, the Rio Algora SL iuS over ^SrSo ordltfar 7 . sh 2** m Brab Y. Mr Wasserman who holds a 4.6 to identify the overseas holders
chairman, points out that J? from S'S represenUng 26.33 per cent of per cent Interest The shares are of some 10 per cent nflts equity

although spot prices are low they per flay irDm ' W the equity. ^ valued at 66p each and the con- through a series of nominee

apply to only a very small nor- m. ' . „ , . m the last accounts for the sideration is to be satisfied by accounts is backed by assets of

Sn of the world trade in . ^? e ^ 0I i p 1S ^ weI1 P 1 , 3 ^ year ended March 31 1981 major the issue of 319,819 new ordinary SSn per share

uranium. The company’s business ^ metal ?tf^? lders ^ sh ° wn » ^ pirth sh ^ es ’ representing 10.7 Firth described the deal as “an

is based more on long-term r- and « Commercial per cent of the enlarged capital, opportunity to build its equity

supply contracts with electrical Si? SS^ti^TnS an l_ a cash P»’ ment of £639 » 000 - base ind at tbe same time

utilities. SS^^STSnJZr^ SSS%J!fSL SSSS JSSS^ The agreements are subject to acquire a shareholding In a -sub-

pitting up a property base. completion. Firth announced
The shares have come from yesterday that it intends “.to

is based more on long-term Iri ;r ■ ”r„ sa-Vntiw th* ^ u«r emorgeu capuai, opportunity to bui

supply contracts with electrical J^ n 3£ df?re3^ J ^ » 525? Corporatiou^with l^tai and a cash payment of £639,000. base ind at tbe

unties. S^d econoS^taprere this SSrnSl& &SS JS££ agreements are subject to a^ulre T sl^eholdi^Tn

Thanks to a more favourable year but Mr Albino reckons that shares; and British Empire hofde^aiTa^ertTaordSarvmSt"

sales contract mix last year, molybdenum will remain Securities and General Trust freehold

operating profits from uranium depressed for a long period as a with 14^19 of the cumulat ive 1DS s< ^ eduled for next month. land and buildings.

advanced to CS69-2m (£3L5m) result of over-capacity and exces- preference shares,
from CS26.4m and made up 49 sive stocks in the hands of

per cent of the total. On the producers. MARSHALL FIELD

SHARE STAKES

Sharp rise in Australian
uranium production

THE OPENING in October last overseas customers.

-as ssss. srs

existing

Marshall Field, the C26cago- TO a “ pmai1 C® (Balham)-— MT— Laing aid Crmckstank

based department stores group ^ interested as brokers to Great Northern

m which has received a bid worth j™ 14&500 ordinary (6.19 per tovestment Trust bought 400.600

1191m from BAT Industries Cent i' 11 vra s formerly interested RTT shares at for Great
yesterday lost its legal attempt ^ 1^3,500 (722 per cent). Northern, on March 19. .

to restrain its major shareholder. Globe Investment Trust — TomUssons . ' Carpets— Miss
Mr Carl Icrim. Trustees of the NGB Staff Miriam R. Tosnkinsoo has dis-

Icahn Capital Corporation. Superannuation Scheme, me posed of 20,000 shares, leaving

v.iiich holds nearly 30 per cent of Mineworkers' Pension Scheme, a holding 170,752 shares (5.99 per
Australian m.kImii -n— t- > . ’ ...

provided a considerable boost for Kathleen. in nonn-wesiem narv hiunrtinn whir-h «ftn«rKt
the country's urminm pmduc- Queensland, end Njbnxie* in fhe S£Li? U ?fS’„ n

north-western

shall had been denied a pretimi- Trust and The Mining Contract

between 1980 and 1981. awny rvainieen, wnicn is owned _ **“" uc s urwuj» — uureci or wm x-±,oov vruimiy snares mro

The ■ Bureau of Mineral as to 51 per cent by the Rio -rmsuccessfullv to force Icafen tn J - .?■ H - Hume has sold 10,000 109.727 ncm-portidipwtibg coil-

Resources said yesterday that Tinto-Zlnc group's Australian rescind purchases made nra- or< bn ar y* vertible Shares, •' reducing her

overall national output ws aim CRA, is expected to cease yj^y alternatively, to pre- Loudon Trnst-Dinam Pen- boldSng 01 each c 1 ®* 5 to nH. ‘ |
SPXJfllS ^SiS^U^iS than S* mid! rentlcahn from voting certain F«nd recently pnr<*«ed . Co^A in

doubled Northern Territory.

Mary Kathleen, which is owned

prevent Icahn from acquiring shares (24.37 per cent),
more shares.

Trost Securities Holdings-
hoQd 39,849,043 M rs. M.. Williamson, wife of
r cent). director H.’ E. Wltiamson, Las

Howden Group — Director sold 14,360 ordinaiy shares and ,

national

up from 1S41 tonnes. Uranium this year, rather than in mid- sHares. &

content was an. estimated 2,600 1983 as originally expected.

tonnes, against 1,561 tonnes, and This is because the mine has r?r jvv tdttCT
exports of uranium ore and already produced enough ore to '—A.C. livv. IKUal .
concentrates totalled 1,625 tonnes, meet existing contracts running CJLC. (Investment Ti
up from 1,210 tonnes. through to 1984, and the remain- ports the following cha:

10,000 ordinary shares. Director which director S. C. Whitbread ,
E. D. G. Davies has a beneficial has a beneficial interest, has
interest in Dinam Pension Fund, acquired 10,000 “B" ordinary

The Ranger mine, which has

MpSSMik C& C INV. TRUST . “•« ^ “ B

meet existing contracts running CS-C. (Investment Trust re- T %£5!* 0a T lB ? IB, S} Holdings— * .

through to 1984, and the remain- ports the following changes of A Daie S?* s ?l d

ing material is of such low grade Srectnra bene fin 3 and^ non- and Jus wife Darreen, di

a production capacity of some that it could sot be sold profit- beneficial in te rests.
3,000 tonnes a year and total ably at present depressed prices. Houurable E. 13

1,900 ordinary, both at 43p.

Premier Consididaled Oilfields
— >1. . M. Dorreen, director, has
disposed of S0.000 ordinary at
391 ip 'leaving bolding 152,925

>iy at present depressed prices. Houurable E. D. G. Davies, . P- and W. MatrleUan — ZZ™ tiZZrJx OTiaing io£

es/mated reserves of more than The small but high-grade a company of which Mr Davies Dumgoyne Investments pur- shares Uess toan 5 per cent).

100.000 tonnes, is operated by Nabartek mine, owned by j s controlling director and share- chased 5,000 ordinary. Stewart Enterprise Investment

Energy Resources of Australia. Queensland. Mnes which is m h(>Ider bas acquired 20,000 Norton Wrlriit Gronn- Company-D. A. Roberts, direr-

This company is controlled by turn controlled by Pioneer sbarcs increasing Ms beneficial tor, has purchased 2,500 -sub-

« “ d Pe»*; w ^ toDcrete. ccrapfcted mimng to 3«10 S 5 S^l sorfptSon W N. O. Taubo,

end with 30.5 Per cent each, with operations m tote 1979, and began ^ Davies is a trustee of two P ffireetor. notifies that a trust, of

the remainder split between the uranium production in June which baTe a NCC Energy— Director Dr Paul wbiofa he is a trustee with no

Australian public and several 1980. total of 154.500 ordinary shares. Tem B Ie purchased 25,000 orefc- beneficial interest, has pur - 1

Australian public and several 1980.

increasing his non-beneficial in-

i • n -a - m. y* « v , terest to 269,571 shares.

Agmco-Eagle Nichols at ^JLSJSZ'ZSSTt

buys refinery f j S7in SS SS. ™

/ III change of beneficial interests.

CANADA’S GOLD and silver- p Cambrian and General

producing Agnico-Eagie Mines is VAQ 1" Securities has sold total holding

to buy a silver refinery from AvFJL j vAl of 118,500 shares (7.2 per cent)-

Solpetro Minerals for a price in - v w h , rvimtaY London Trust Company has

excess of CS2m (£911.000) cash. *° ld tota i holding of 179.402

^ ‘ t turers Of Vim to and Other soft s hnre<; noAl ner eentl 'rniistMw

The refinery, which has been drinks, reports pre-tax profits of ofth* Tiin^

closed since last September, wiU £2.57m for 1981, compared with hon Jhi-% is

also be available to treat fl. 84m for the nine mouths to

material from other mines. December. 31, 1980. on turn- 1 ^ 9 ' 400 s ^ ares f 11 - 51

Concentrates wiU be treated over from £L4£4m to **

nary at 74p on March 17,

chased 132,942 ordinary shares.

Nichols at
£2.57m
for year

LONDON TRADED OPTIONS

Mar. 84 Total Contracts {8,406 Calls 1,556. Put* 850
[ J . April I . July I . Oct. f

from the nearby Canadaka mine £12.08m. ......... ,

under a five-yea r Contract and The final dividend is being J - WAUDiwriun

Agnico will adso seek to refine raised from 4p to Sfip-per 25 p John "Waddlngton has pur-

material from other mines in the fhare, againsta forecast of not chased the games company House

Cobalt area of Ontario. to® 5P- This makes 10p for Q f Dubreq, whose activities wilL

*2?«22 22*. •» «. db»

fc sdv ST tore said that there had been a ^ - P r ‘ ^

trates. But when the refinery qx&p in export sales but that

f.‘ ose d dow n tre^ment of ore at there was a “promising upturn” Tilptcnn C/\nfV>

toe company s Penn mill was in home sales which they hoped JaUliMJII OUUlll

suspended pending an. improve- they expected a reduction in A *l

ment in silver prices and, .of second-half profits. Oil HOW

J. W ADDINGTON

course, toe finding of Alternative
refining arrangements.

tne jear (7pi. be assimilated into Waddington’s

At the interim stage the airec- games companies by April 5.
tore said that there had been a
drop in export sales but that .-

there was a “promising upturn” Tq fM/'CniT Cniitli
in home sales which they hoped « at AMlll vjUUlll

they expected a reduction in -tl rt
second-half profits. OH HOW

Commenting on the final

results, the directors say; T J 5e Jacksons South No. 1

“Although the results for toe exploration well drilled in toe
second months are better Queensland sector of Australia's
than anticipated, they, benefited Copper Basin has flowed -oil at
to some degree from ‘the inclu- a * ra l® barrels a day

sion of non-recurring revenues.” from tbe jurassic westbourne.
The pre-tax figure includes Jackson South Is located

"HTTTVmVY^ second six months are better Queensland sector ot Australia s

xxuivxxivxT than anticipated, they benefited Copper Basin has flowed oil at

PETROLEUM t0 some desree from the inclu- *1 rat ? of ®W, barrels a day

sion of non-recurring revenues.” from tbe Jurassic westbourne.
Acceptances to . the rights The pre-tax figure includes Jackson South ts . located
issue by Hunting Petroleum, the £508,000 of investment income 5 JS km south of the Jackson
■oil marketing, storage and and net interest (£267,000) and 8 No. 1 oil discovery, which pro-
distribution group, totalled profit on currency exchange of duced one of Australia's biggest
3,211,130 (98 per cent) of toe £105,000 compared .with an onshore oil flows,
ordinary shares and £2.450,942 £18,0GG loss last time. ’ - Interests in the Jackson South

(9(k7 per cent) of tbe loan Profit at the trading level .was No. 1 weU are held by Santos,
stooC- _ • ■ £2. 17m (£1.73m)‘. 40 per cent Delhi (a subsidiary

(hi offer were 3277,496 onti- After a m-charge of £1.2Gra of’CSR), 32 per cent, Vamgas,
nary shares at 160p ‘and (£871,000) net profits were £l^m 8 per cent, Claremont, 10 per
£7,647,498 of 10 per cent con- (£S70,000), which gives stated cent, Ampol Exploration. 7.5 per
vertible subordinated unsecured earnings per share of -25.4p cent and Oil Company of Austra-
loan stock, 1997. (205p). U& 2.5 per cent

loan stock, 1997. (20Sp). i lift, 2.5 per cent

Percy Lane overcomes heavy loss

DESPITE a heavy loss- from a. The directors now report that that the group will make further
subsidiary making windows for toe subsidiary made a heavy loss progress in 19§2. *
toe motor industry. Percy Lane for toe year but actions have , Tbe 10182 net dMdend 5s
Group, which also makes been taken to reduce the scale I 10 ?-*

■windows for railway coaches, of’ operations in line with the ^.5p to 3p net per lOp sh^,
toe building industry and decline in the market and to ’4 - A fur ^T

caravans, reports profits up from restore profitability, l* 311 * ls ? uo i 1 ^ me on a

f^°too^fS°bnD^^ »E2i» the group Planet f °£3 £ ^ SsfsB^

of £44,000 to £44S f)00 at half Pin n ) 20 d increase from £19.6lm to £22J9m

of £44,000 to i&asm at half Phmet Windows (Glrarotbes) trading profits rose from

T t - . - _ ^vi ta ?£i!; C( l rd ^ es P ro , ats - £958.000 to £Ll7m_ UK sales were

In their interim report the Fara Press in Luxembourg had £io.im (JE 9 A 6 m) and profits
directors said that reflecting f^toer satisfactory year while £452.000 (£508,000) and overseas
weak demand from toe motor in toe U.S. Creation Windows £i3,79ni (£l0i5m) - and profits
industry, sales of Percy- Lane ™ade a small net profit after £716000 (£450 000) ’

Limited were 32 per cent down . charges relating to. the acquisi- Attributable profits cam e
on the same period of 1SS0. They uan last July, and the startup through at £444.000 (£491,6001
said that losses in this 'subsidiary ' costs and initial trading losses after tax of £S8900fr (£194 000 )'
started during an industrial 011 two encouraging new giving earnings per share, of 7.4p
dispute in March 19S1 and have ventures. (sip). CCA jmSax profi t was

continued. The dir ec t o rs - era _coufidHit . £807.0000,

BP (c)

BP (e>

BP (c)

BP (o>

BP (O
BP (pi
BP (pi
BP (p>

BP (p)

CU (e)

CU (o)

CU ic)

Con*. C Id (cl
Con*. Old (cl
Con*. Old <o!
Cons. Gld (a)
Cons. Gld fp)
Cons. Gld(b)
CtWs. (e)
Ctlds. (c)
GEC (cl
a ec ipi
GEC (p)

GEC (p)

Gr*d Met. <c»
Gf*d Met. {id
Gr*d Met. (oir
Gr'd Met. (pi
Gfd Met. (pV
id (d
ICI (c)

Id (C>

KU (pi
ICI (PI
ICI (P)

Land Sec. (c)
Land Sec. fc]

Mks&Sp.(c)j
NIK* iSp. tclj
MKI & Sp. (ch
MKs.&Sp. (cjj
'Sttell (ci
Shelf (c)

Shell (el
Shell <pl
Shell (pi
Shell (p)

Barclays fcl
Barclays (p>
Barclays (p)
Imperial (c)
Imperial lei
Imperial lei
Imperial fp)
Imperial ip)
Usmole)
Lasmo(o) .
Lasmo (c)
Lasmo to>
Lumo to)
Lonrtio (oj
Lonrho (c)

Lonrtio (pi
Lortrho (p)

PAO (cl
Raca) (cl
Racalfoi
Racal(c)
RacaKpl

Vaal NTs. fcl
VaaJ Rfs. ic)
Vaal Rfs. tel
Vaal Rfs. ipi
Vaal Rf*. (pi
vaal Rfs. (p)

Ex* rdse Closing
| price offer vpl ~

860 1

280 18 106

300 6 30

330 li* 4

360 Ig —

260 6 13S

280 SA ' 5

300 - 88 13

530 06 91

130 20 27

140 lOlj 13

160 3 —

no 7

390 14 S

480 S 38

500 m 25

360 6 — -

390 14 1

80 6 la —

90 8 —

850 10 Z

losing w„, Closing Vft . I Equity '

offer Vo1 ' .offer Vo, » oirtoe i

- |i4«P

— .10

6 20

— 45

7 41

2 23

8 10

— 10

— 16

1 40

11 23

_ ■ ig

- 4

5 a

28 18

— 20

0 »

1 38

— 28

6 1SI

83 7

— 64

1 30

— 15

— . 8

2 18

30 38

Federated Land
MD acquires
6.89% stake

Mr Peter Meyer, the managing
director of Federated land
acquired 750.000 shares In tho
property group from the
Investment Office yesterday at a
price of l50p per share.

The KIG purchased the 6.89 per
cent stake in Federated two
months ago at a pnw believed
to have been about 136p pw
share. The shares were offend
to W. GreenweU, one of the lead-
ing brokers which deals for the
KIO in London which, as the
broker to Federated, offered toe
stake in turn to Mr Meyer.

The deal reduces toe chances
of a successful offer for 1 Fede-
rated from toe iwwsebuildiQK
group, M. P. Kent. . Kern's
approach will be dropped y
Federated bids successfully for
Estates and General. Earlier
this week. Federated received
indications that the “ProwlanR
concert parti’ ” would necept the
Xl5m deal in respect of 6L1 per
cent of Estates’ equity.

Now. with the addition of toe
KIO stake, the Federated board
ran claim to speak for some
25 per cent of ‘the group’s shares.
Mr R. P. Pyne, director and com-
pany secretary of Federated said
that yesterday’s transaction
“ changes the whole scene
dramatically," The shores drop-
ped 5p to 14Sp.

LADBROKETO TAKE

50% STAKE IN
UA TRAVEL AGENCY

Ladhcoke Group, the leisure
and hotels group, has entered
into* a contract to buy 50 per
cent of BPF Travel, a U.S.-based
travel agency which is said to
have a turnover of 5125m.

Ncf purchase price has been
disclosed. BPF Travel is based in
New Jersey, and was founded in
I97S.

Another British company,
Hillsdown Holdings, Is to buy
another 25 per cent of tbe
equity, and the remaining 25 per
cent will be held by Mr Brian
Froellch,' who - founded the
company,

■ Ladbroke bas been developing
other activities within the group
after it lost Its casino licences in
1979; -

notice to holders of

TOSHIBA

CORPORATION

(FORMERLY TOKYO
• SH2BAURA. ELECTRIC C(X, LID)

(TOKYO SHTBATJRA DETJKI
' JKAJ8GSHXKI kaisha)

CJJSWXHiYERTIBLEDEBENTDUEl
DUE 1992

NOTICE OFREDEMPTKW
. . AND TERMINATION OF
CONVERSION RIGHTS

. NOTICE IS HEBEBY GIVEN to fie

noWeiTOfthegJ^tConvfrtibleDebCTtnres
Doe 3992 (the "Debentnresl of Toshiba
Corporation (formerly Tokyo Staibxm
Electric Co» Lid.). aJapaoese Corporation
(the “Company") that pursuantto Ardde
Fonroftbe Indenture, dated as of Ntwem*
her 10, 1977. between the Company mod
The Bank of Tokyo Trust Company as

The price atvrhkb the Debentures will
he redeemed wiU be KR’tXof the pnaclpil
atmxmtthetvofandtriilbelLS.SUISoper

' l»Up

* |S26p

1 5 = 1W0

a! ?!S * «

I S 7 374p

5 s a =

- 24 • — 11

- 40 - «

November

5 456p

‘.V I i T Vi T iV

rtrTrvil

RENT/RATE-

freefactori:

FjqwndiHg nr feloca&g
busjnessui aaleef dosurear
ran onganwe a new factor
wnl/ratofrec fry fialh
BKIndaSryonOMlfO*
300 or write tow at NLA:

f Malv

• 1 ■;

' • ' i' >r

‘ “ kf »«»,.
V ' i •■>'» 1\

r.

r--'*

i’ »!!.lTI(

• V

• • • •••..* li

: '73m

- •••rsws
• ■■r'.-tfi

Emancial Times Thursday March 25 1982

FT UNIT TRUST INFORMATION SERVICE

Abbey Unit Tst, Mngrs. (a)

P-80. Gatehouse ML AyHuy 02% 594]

^£“ 6ra *:T;il gMa 13

f Acpgg Units}. „ 5L6 5iB +n3 3 «

Gih & Fixed Jmirjl.r imLs ^3

S|j i§J §H

s*st-zdB Tam n

Wen Harvey & Russ Unit Tst Mngrv
a&f&V 1 ioa * n fC3V3PS. 01-623 63 M
AHR Gitt Trtet TOi 98a -0 U 1239

Allied Kambrn Ltd. (a] (g)

^S i ro*ra 1 ss , rg«a" .

BUnud Finds

- IS2 99 EM +0J| 5 .48

gWStSa.:z81 8!

si

Harnbre Acc. Fund IZlftZ iffy) +U 445

income Fund*

H'$YidcrFd..._, 1 -[7L2 J6M +03 B35

High Income .. 887 94§fi +o3 7 3

Eejuty Income Fd _. . 5ol 53 H +OJ1 ft PR

wm &«*■ I2M 2871 -03 1131

International Funds

i mwiati o nM . . - [323 34 a ppr

JaoanFind 25 7 tie -nTJ (reft

Pacific Fund ... 5a *T9 r »

American 5pec. Sits Z3i a* *34! 3 in

Secs. Of America 17B.4 gV9| »o3 892

C tT»iaUf> Funds

gjK&ULdgf SI If

WjKrl.'&'rdty. . 58 -OS fcB

Outruns Earnings — 181.4 87 11 +0ll 4.02

Enmpl Funds

lyasrie Ejcenpt 1589 WJ] +02 7.87

FsrEasl E?™# .. ..(67.4 70f »2_§ 17R

SmJler Co. EsmnpC.. 1106.7 112.9*0^ 353
U SA EaeflVL- .77. UJ82 133-3dJ+0 5l 295

Anderson Unit Trust Managers Ltd.

82. London Wall, EC2R 7DQ 01-638 1200

Aalersoii U.T IM* TOfl .. .1 3 53

Ansbacher Unit Mgnd. Co. Ltd.

1, Notde SI , EC2V7JA. 01-7264931

UttQ*rW 17 ^ :.-m

Anthony Wider Unit Tst. M girtL Ltd.

19. UMegMeSL, tomthi. n 7HP. 01-2*78827

sssffisu ^ d a

Artmthnot Securities Ltd. (>Xc)

AUTHORISED TRUSTS

37. Queen 5L, London, EE4R 1BY 01-2365281

Capital Growth. [33.8 380) +01| ___

Commodity «...

(AaundaUon)
rio% Withdrawal
EastemSIntemail
1 6% withdrawal)

Extra Income

lAoundaUan)

(tarns ^90 522*01 3.13

■ Accumulation 1 ftM) 711 *02 3.13

**2 -P-2 llin
53.1 -03 1LW
457 . 4 42

81i .. . 4A2

309 *03 961

7L2 -02 Oil
51.4 >-03 4.81

403a *0.1 1223
795n -02 l£S
362 +02 100

CraignMuflt Unit Tst Mgrj. Ltd.
BucUmbury, London EC4N 880 01-2*8*9^

High lucent -D63 39« -021 11.12

worth Ammon ~ 562 6073-02 276

Oniton Eieraoi” ... B.9 57.01 .. 3.93

C3«*6anTrn5t 452 WM+DJ 277

Md MOus High lnc.\. 46.7 49.M . 9 .71

ficcarerv - 57.4 62/1 +0i 3»

GiK Trust p02 92$tf +03 13.49

“ttlffUr dahng Or Wettass&i.

Crescent Unit Tst Mngrs. Ltd. (aXg)

4 MehuieOK . ElMugn 3 031-2263492

8£fiBa":r.-..f*i 83^ SS

Cre5- High. DIB 0.7 528 . .J 870

CrK: laerranoral.. . 772 WX -*071 179

Oartmgtvn Unit Trust Mngt. Ltd.

8ratw Chanters. Barricade. Oran 0271 76324
Yota) peri. Urn TsU235 2811 ._.[ 514

Discretionary Unit Fund Managers
38-38 New Broad St, EC2M 1NU 01-6384485
Oise. Inc. March 12..B64 4 28201 ... -I 477

Dunbar Unit Trust Managers Ltd.

53, PUI Mall. London. SW1 5JH. 01-9302122

JESS i£i=JR» 151 ::l Ut

E. F. Winchester Fund Mngt Ltd.

44, BtoonsbwySQuare. WC1A28A 01-6238893

tlSMcH . M-d SS

Equity A Law Urn Tr. M. fa) fb) (c)
ArnnnamRd^Hign Wycombe. 049433377

UKGwm. Tsl Ate 520 623 +0.41 4 63

IfKGwth. T«. Iik . . 58.0 S3 -0.4 4.b3

HS6rrlnc.Tst.toL. &Q S Ssfl -tl 7 56

Higher Inc. Tfl. Inc. .. M3 few -0.1 7.56

GifisiFinl.lm.TsaAcc g.4 5a3id -02 5.17

OUZS FjtfJ.W. TSLInc. 5*3 57. 1 3 -02 527

MhAmeriuTsLAw. W7 5l3+01 183

Far East To. Au .. _ 03 «S3 . IS

General Ta fab 10L73 +0«l 42b

Fidelity International Management Ltd.
20, Abcnwch Lane, London EC4N 7AL. 2839911
American <iL_ - C69 ».* -Olf 0.65

Aner. Spec. Sits. li> 252 2731-0.7 001

Gri! & Rial lot . .... §2 283-02 1300

&uwih & Income .... 32 XA-02 7Q0

japan Tnsiw 265 2271 *04 —

Mar. Inc. Ea Ta. . . 313 34JaI+0 2 827

Special Sits (So.7 ug —1 0.61

James Finlay Unit Trust Mngt. Ltd.
10-14, Wte* Nile Street, Glasgow. 041-204 1321

Kleinwort Benson Unit Managers

20.FetKhurtiiSi.E03 01-6238000

K.B.UIWF0 Inc.. .. 1162 12* M . 564

Ka.UrnRJAc. -1717 19^1 . 5M

K.B. Fd. Ib>. Tsts. . TO- 3 8fe|« 4 71

ItEFUlnTsLAa. ... 902 W5 471

KBSidrCosFdlrt .619 MJis ... bW

Ka5mCtt.Fd.Atc. .. 73 B .. 640

KBHWiVW Fd IK 543 59.H 930

KBHqliyidAu

L & C Unit Trust Management Ltd,

The Slock Svetas*. London EC2N1HA 5882800
LbC Inc. run* ... (1697 1 75d _( $39

LMUnUS-OerFd . .Il062 1093) -.1 128

Legal & General (Unit TsL, Mngrs.) Ltd

5 Rauleogn ftd . Bremwood 0277217238

EanirOn —9 56 l[0Jri-O3j 4 47

EnuiiyAcs (I35B I«6#m -Oil 447

Gilt 1131 J l&fl-aa b96

Leonine Admi lustration Ltd.

2,5: Mwy A.e, EC3A 8BP 01-6236114.

0139 14

Lloyds Bk. Unit TsL Mtigrv Ltd. [a)

Regular's Beat. Gorin9-|w-5ea.

wortnms. WesTSteae. 01-623 1 288

Balanced (793 a5g-d3l 4 55

Do. iAc corn I . 124 b 133 9 -02 J5

Energy lo .— 373 Wia +02 239

Do. Immli 55-5 flU +02 239

Eura Income g| 725 +S.4 8J7

Sy5 c ~:-.:“ I S?7 $4! il

ffi-ASSiw.::.' if/ ||

Da 'Acuan.i.f_— 38J 818+09 054

N Amencan & Gen. 454 QJ , .. WJ

Da IAcMtO ftA MJ 147

Pacific Bawi. — 4S.2 483 +0.7 031

Do tAccmtu - 453 Sf +OJ DJI

Snail Cos. Si Recy .. M 7 652 +OJ 286

Dotbcuitn.' 65 7 fca3 +03 286

wbriowiaeGwa .... Ms ou 241

Do. CAcum . ) 1 113 9 122 4| . 241

Lloyd's Lite Unit TsL Mngrs. Ltd.

Z S; . Mary Aw. ECjJA 8&P 0l-b23 6114

Eniuty Accixa (21—12864 50151-861 3.64

Local Authorities' Mutual Invest TsL'
77. London IMfl, ECZtt IDE. 01-5881813

Ka i -ow w Fd Frt.28 I 7450 I J 13 70

-UnAAonsed. toditSe only ui Local Authorities

Quitter Management Co. Ltd.

33-45 Gresham Sueet EC2 01-6004177

lK«::il364 lSg I 203
RKCuety— D8DB 1246d 23b

Rebance Unit Mgn. Ltd.

RHiame Hse.Tun&rdQe Wells. Kl 089222271

fasemom

StWorteTB Inc . p97 5311 +03 4M

Ridgefield Management Ltd.

IFd&ourySn EC2A1PD 01-5886906

SB&W---B& iKH^a [”iS

RothscMId Asset Management (a) fa) fa)
72-80. Gatehouse Rtf.. Aylettey 0296 5941

N.C Engy Res Tu .. . 1428 1513-2 ;!

NC.lnaywFd 165a 17bffl -04 7 51

NC America i Inc'. 133b 14?II +0ffl 123

M C. Amenta iA«*. 1401 H9ffl -09i l5
N.C Smaller Cos 057 b98rf-0ll 401

+og 123
-0^ i5
-Oil 401

N.C Smaller Ltt Ib57 u98a( -Oil 401

Rowan Unit Trust Mngt, (a)

City GaieHse, Finsbury 50. EC2 01*061066
American March IB [96 0 1001? 179

SccummMar 23 2fa50 277 0a . 4 13

HohVieUMardilQ 640 hlO 907

Wn-iin March 24 . .1115 1393 -03 35?

(Ac£um Units 1.. 1B2 □ 192D +05 552

FiieO im 109 5 1105 339

H191 im mo lizOI 1295

Royal TsL Can. Fd. Mgrs. Ltd

J8-50. CaimonSt . London EC4M 6LD 01-236 6044

fiSStt..:rW - I ?3

Pnce. on Uirtii 15. Nert deabng ay Mmtii 31

Save & Prosper Group

4. Great Si. H rims, London EC3P 3EP

ZS&AMrMXim

Intenwlioaal Funds, __

W™. p 1%

Select lnteimauonoi..g313 357M+34J
Unrr. Growth |78 1 84 0|+O6l 0 79

iSim l«

Income . f44.4 47 7ol *0.11 9 73

S .K. Funds

S3I33 IS

SSS F r- “|77j. .m-m ib

TAccurrulallQni

Growth

;Atnmbo>on>

High Income ...
rAccomilaUMi. . .

1 Ry°to Withdrawal
mfltl YleW ... .
lAUuniiaim)

North Amencantt
Preference „
r tainwlitioni
Smaller Coosanies
(Accumulation).

Archway Untt TsL Mgs. UdCaMc)

317, High Hobam, WC1V7NL. 01-8316253

ArcfMByFtmd ._ IU4 9 123.61 J 6.32

Prices Match 1& Ned sub day Mmtii 25

Arfcwright Management

Parsonage G6&, Ubnchesier 061-834 2332.

ArtwngNFd. Mar. 23. [105.0 U18I .— I 430

Barclays Uracom Ltd(aKcKg)

Unicorn Ho. 252. Romford RtL. E7. 01-5345544

Unicom America 1365 +0% J-56

Do.

Do.

Da

Do

Do. Extra Income

t Fiianoal

500

General

Gill & FxtL ML I
DO Gtr. Pacific Act..

Do. Gtr. Pacific lie.

Do. Gnnnh
Do (name
Da PrTA'ttTsL-

J Finlay Itn email 34 J 36.91 +0.4 214

AcrumUritS _«B 4bfl +11 214

J. RiSar High bxi'.ne. 382 41J3 +10 94h

Fmlay WkLEnergy _ 126 1353-03 2%

Actum Units 163 17 S3 -04 2%

J. Finlay FtUnTst ... 41.4 443 -02 517

Accum-UmtS 54 7 5Ba +03| 577

Prices on Math K. Next deahng March 3L

Framfington Unit MgL Ltd. (a)

M. London Wan, EC2M 5 NO. 01-6285181

lasife — b

AraTamund
iPtcum Units)

Carnal Tst
(Accun UnksJ
Corsenibie&Gin
(Aawi liniB
Extra Income Tnst

li*. Growth Fd.
(Accun. Units).

:. - 31

S3

1XJUM

m

451 DM

7&1 4.41

1777 +03 62b

W t -02 381
' Tit +0.4 4.50
B3 ‘ +06 5.43

DaPrf.Ans.TsL_

Do.'Recorfry

Do. Tnistee Fund
Do.WhMdeTst.

Btst-lu-FtLAcc
Do Income—.

Baring Brothers & Co. Ltd.

B. Bnhops^le, EC2N4AE. 01-2838833

iBB5*=m »Lda

Next sub. day Man* 30 fly 2200 ami.

Brshopsgate Progressive Mgmt Co.
StocVExctiino^ London, EC2N H13 01-58862B0
B'gaue "March 23 -P85-0 30901'..,.. J.40

AalWB +MaWlHI . 3676 • 399« -_... . 3.«

B'gate Im. March 1*. 317-9 sg-g L®

iAmnn.)('*'nJl2.... 37L9 <tB.5|.... L88

Bedjnan hnl.Cap. -.. ltd 1 103.71+1141 —

Nexisub.daj March ao.^Apni 13. WceUydraftitt

Bridge Fund Managers (aXO

Urge. Use. King Wiliam St, EC4. 01-6234951

Amrr Gen.t Bjf-0 345*1 — 1M

lnc!t:iT..'.~feb ^6 +i.4
Do Acci ■F>|1 67.1 +1.7 330

3Ul +0.91 306
tPncrs March 294

loti. SaweiyinLLlfc

Dd.Acc4--- ~-u

ftw *«9 'Tws, JVWrt'

Britannia Gp. of Unit Trusts Ltd. (aXcXg)

§fSfi«^s , «3^ra^ EC2

UK SpecMtst Fuad*
Assets 1J24

UKBIueQab 14L4

Mgh IHM Fundi

Nat. High 1*-.... TO3

Extra f* 134.7

Inc. & Growth (83. B

Iftass— “B

Sector

Ml

Robert Fraser Trust MgL Ltd.

28b Albemarle Sl,W.1. 01-4933211

RobL Fraser U l T n. [7D.4 75.41 - 4 600

Friends Prov. Trust Managers (aXbXt)
Poham End, Dorking Tel. 885055

is

Funds In Court*

Public Trustee) Kingsway.WCZ 01-4054300

Hrti Yield lAandi 18. P4 5 CJM ..... | 1138
'On»h. handed to itxmms under Cotrt comf.

G.T. Unit Managers Ltd.

16,Finslxay Ciraa, EC2M7DJ. 01-638131

W::r 18

Kfttttefc Wx B

G.T. Japan & Gen. 116.2 0.90

G». Pe^Ex. Fd. 337 1 3MJ 280

KeSiaB ad a

G. & A. Trust (a) (g)

5 Raylemh Road, Brentwood (0807)227300
G.&A. |47.7 50.fl-ril2| 528

Gartmure Fund Managers (aXg)

2 Si NbyAxe. EC3A8BP 01-6236114

Deiliiu oriy. 01-623 5766/5806
An+xicaa Trot xx; 41JJ +-02 093

Anoraliap Tnwt.., .. 1R6 20fl+01 IS* 1

British Tst. 'Atx.1 .... 107 J 115.9 +A3 3.09

SitthTst-IDtaJ^. W23 3U.M +03 389

Commodity Stare — 37.4 m3 +05 i36

Extra H*wne TSL. „ 24.8 ,26.7 +0.1 817

Far East TruR H.4 553b +03 lffi

Gilt Trust...-, »J -0-i 1|S

High Income Tst_ 59.7 Mjz +01 9^

Income Fund— .— — 903, ,9W +IL. 737

IntLTtL (DbL)— — 4p

Govett (John)

77 Loodon Wall, EC2 _ 01-588 5f«

Stockhoidera Mar. MQ99 6 m3\ — J

Do. Accun. U5!L-«gR0 413 .- H S-S

SL European Mar. 19fta-J U& I Ap

Hem neluq AFfl 2. >

Brievesan Management Co. Ltd. /
59 Gresham Street, EC2P2DS 01-606 <TO3

M & G Group (yXcXz)

Three Quays* Tower Hifl. EC3R6M

American.. |68 Q 74 1

lAaam. Units! .. ... QS 8L2
American Reooiiery .. MlO
■Acsubi Daitsi— .... 313 87 0

Auaiausmn. £34 67 to

■ Acaim Units! BO _ 71.7

SSSfci:.- i»S

ssss'ij! a!
83S".:rT:-S J , l

lAixum Unmi 341.0 371 7

Eiropeai S89 b 3.5

(Acaim Units! .... Ul2 718

Extra Yield 888 959a

TEuiiuSUsi Sa7 367 1

Far Eastern .. .- iMl 131**

lAccnm. Untti «D4 13|

Fund of Ihv. Tyi 92JI Mi

'AcuxtL Utas) - 1286 1402

General - Wj

(AcumUniisi *?10 tt3i

Grh Inoome.. *92 5L7«(

(Accun Units) 54.7 57(

Higi Income - DIB 1303

lAmx n Ubmsi. S96 27fiQ

cAcwnlMa)..'.'!-! 188B at 2

Magnum 312.1 332.)

lAccum. UmOJ.. . . 4476 476.]

Mitfland - 1855 l«i

(Accun. Dims) 3809 «q7.t

Recnrery - 1»8 143x

(Accun Units! 1542 165.*

Second General 26L8 2JH>

assasss-i! 4g

tAccum. Units). .J37a2 4063

fAcnm Units). 444 3 475.4

Chartomd March 23. 96.9 —

ail

ManuUfe Management Ltd.

Si. George's Way, Sterenage.

tI .1 266
-01 175
-ai ire
+1E 203

-ID 9ffi
+L7 8.48

+4.1 848

+02 3.07

3s 9S

+17 912
+04 US
-0.5 168

+0.4 517

+06 5.17

+Uc 616
+32 6.16
+04 ll.W
-03 lift
+11

+2.4 82b

+3X 057

Kr.:-:_ r-:ISi 4 .

B undl &

lOrFimdin 27;5_
I Secs.. . 101)3
NewTMlmo'ogytr'.. 440
Fa+d- Interest Fond Jz)

hul Bond FcL _IW.4

Exenvt Funds

114 bn +1.
116 5 +0
29.5 -0
1079 -□
47 3 +a

+1JI 3 71
+0* 2.1?

ExeiTrt.lml
Pnttt i

Income -. I33J) 22«‘W*3a 3

I ml . . B211 33891 -3.9 (

« x March 24. Next suh. day Agni 4

17B.7T +0.5
234.«+flb
Z7S.3+L2

Sen Unto Securities Ltd-

•«* 11

Schroder Unit Trust Managers Ltd.

48 St. Marius Lane. WC2 Dealmss 0705 27733

CapitaL 1662 17B7I +0.5J 288

i2cwitj/n(ls).- . 080 34.4 +Oo 288

Income Fml . . 25bJ 27S.6 +L< 7D

(Accum. Uortsi 469® 50J2 +22 <10

Get. . 1*42 1550 + 02 392

lArora. Unas) . ...... 2002 2152 +0J 392

Cm— . 23.3 24 f 411

(Acorrl Units'- 27J 29J —02 4 11

iSSSfiE?. :r. lit* m | ij

tAczum. UnHSI — 16L4 1735 +L3 3.U

American . _ .51.4 +QJ W

lAoutL Units)... — 51.5 S&3 +04 qhp

Tokyo 502 53.9n +0_; 111

(AcnnL Units).... . SO-3 MOi +03 1U

KU&Fwed: " . 49.0 515m -Oi U65

StoSiuSai::: 533 "Sp-oj ng

Anor albB , 42.1 45.7n +W 4 W

(Acoin. Units) 4 19 *bg +05 4 09

Singapore &MMay_. 45a 49.3-01 Lg

(Accun Unttsi : 45B 498-0.1 157

■PiC Fd March 23. 2&4 271*3 459

'■PACFffMarrtZL®?4 2Tpi3 _ °' 1 f|4

BSBU&itM H9 : 5S

-SoEx. Mmthll.. 114.1 12261 3bl

■For tax Ben* funts only

Scottish Amicable Inv. Mngrs. Ltd.

150 Si Vincent SL Glasgow. 041-248 2323

EttityTrtEt Aaaan.11335 12231+081 5**

Scottish EguRafake Fund Mgrs. lid.

28 St. Andrews So Effcftutfi 031-556910:

. Bil . J Hi

Daing day UMnestby.

Scottish Widows' Fund Management
P.O.Bot90e,EdinhwghEH165BU D316556000
Pegaac Tst Mirth 24.199.4 106B) +L1| —

SIMCO Money Funds
66. Cannon Street, EC4N6AE 01-2361425
SlMCOCaUFtmtft-- flOflO - | -- ( JfS2
SIMC07-Dwr.Fund1-.lmO - — . BM

S i MCO 5 ^£^J^il^Sh 0 Depm it tanfc. -

Stewart Unit TsL Managers lltUa)

45, Ctariotte Sq-, EdiidMigh. 031-2263271

fAnwncsn RuxL [91B .. 233

Accun. Units 993 1M3 —

Withdrawal Units — 763 ffl)-5 .. ..

Sfc| i r li

Sun Alliance Fund Uanagement Ltd.,

Sun Allan Use., Horsham. 0403 64141

WBWWId ^

Swiss Life Pen. Tst Man. Co. LtiUaXc)
9-12 ChewjBide, Lodoo, EC2V6AL- 01-2363841

MBS-.’ H8-a •• IS

+2! 687

+5D 687
+L9 1351

ssaia.-_-=* sia -*si is

Mayflower Management Co. Ltd.

14-18, Gresham St, EC2V7AU. 01-6068099
l nconte March ..11132 U9|d . J B*

General March Z! W.M J 475

Inti March 22. W2 57JM ■ — <1 *-77

McArrafly Fund Management Ud.

Regs HttxKhO William St,EC4 01-6234951

H- : =| si

Glen Fund me. -173/1 76.ll .....1 4.40

01-5885620
I — -I c2«

Mercury Fund Managers Ltd.

30, fire-ham Sc, EC2P 2 EB. 01

SStSfc-::-®. Ml

Inc. Ret — S78 b32 +1

E*L DtSL March 24 _ g2, -,9D|

K Acc. March 24.. 1207 137 ..

Fund ...m— — I6L8 62.41 -I

MMtond Bank Grotgr
Unit Trust Managers Lid.

01-6004555
941bi +aa 324
1397 +03 |24

1093 3)9 If

I.." 4DS
62.41 -0.41 _

Tel. 074279842

+0'd 388
+8.4} —

iSa rl

si i!

62.7m .... 237

Go id 4 General. _

Irv, Trust Shares.

Minerals —

Prop. Stares

S5?Sic3SSh._ .|40 0 43.1MI+M

Am StralierCos S-| 620 +0^ 0^

S! 3^Sn +03 m

S| « M

japan Perl. Tst —1718 77.4 +1S 051

General Funds

CaixialAcc ... 77 6 B37J +-05 4. 98

Ccmn Alnd »-3 ^+0.7 4.®

8SS^:=|I « a

Bf.Sbdffi' MS

The British Life OTflce Ltd (a)

ReAanCP Hse , Tunbndee Wett Kl. 0392 2S7I
BLSrrttshUfe 171.* £5»

StBSSf-' — JB. Shi SS

■Prices March 2*. Next dealing March In-

Brown Shipley & Co. Ltd. (aXg)

Harlawts Hw, Haywart H'lh, Sx. 0444-58144
8.5. Units March ZLCMM 3 D3jH .... . 4 £0

Si£S r—riffi? 388

Growth Action. .... EM3 «-» +0.4 —

sssar — m

il a

Bucknaster Management Cn. Ud.

The Slock Exchange. EC2P 2JT . _ o( 01 ' 588 ®^
BucUmFcl Mar 1B.B3 1 |7.J ..._ 33»

AOWrilhtt 6teftiil8 yftl 1§5 , gfi

OrTCW M arch 2-1 ... S7 563 +07 967

.Acc Unts) Mat 24 7L7 761 +18 9 67

Marmora .Fd-JMrS 594 627)4 +37

ydcaxn.Uct.Mar». 7*2’

Sw COTFd 3larl9. 9CZ 5131

Accun. Uts.) Mar 19. 4812 513.11 «-B0

Canada Uft Untt Trust Mngrfc L*L

Do. Gen Accum MTH JS

Do income DtSL.. . 37/ JJSlSa 044

DO. Inc. Aprwn. U.l 64-S

Gill & Fad. hn. Trust [25 .7 27-1M ~Ofl

ousts •t-*TS

^SR.Sil.S

JBBSSS?Sra“l ^ i r::;i £8

purities Official IncsL Flmdtt

SSS»m.ec2«im , "TS-wms

Sff£S=l I -

iiJrrtan (Hh-T. .C5 6 2771+03 U4

111 if 9 19.4 +02 1-28

fir Eastern Ta.(i)... gi SI

S“c5nf!+:JH Sa::: &

{SSh+t— fia J

HiBhlwwne ^ [29 4 3L7J -....! iii»

ConfcdwatiM Funds Mgt Ui M .

50 Chancery Lane, H^AIHO B«W

GrewwFnrt [78 9 83W i 4.47.

(Accum. Llnrtsi..._. .

La & Brass. March 24
t Accum UndS)

Guardian Royal Ex. Unit Mgrs. Ltd.

Royal Exchange, EC3P 30N 01-628 Kni

lag) Giarttill Tst [1373 1*224 +031 476

Henderson Administration (a) (b) la)

gsKoSWa* 1 - 4 w *
g°fe== i, iSg3| 5|
W£S£m li i

§J!SI i«

' iniantttfaml ^ u

Global Tart. BE2 «88j+G^f S®

U^WMeMtt22!^4 1^5 38B

8SSSB£^!™„ 6371 +0.3 2S7
g SSST"” G? 56jJ +02 283

+o.j

AmtamSmllcr!!.- wl ^3 +03 0®

4 Funds
ocomeUi)

Cos.ibl

Eumpeanl'tordrM

Jawo^rch W^. _

Nmh Amer. Mboi 12.

Slrtwand Pacific. - - SS +i 1-P

PShi

•Pnom at htach 9. Men dwtug March 26

Minster Fund Managers Ltd.

Minster Hie.. Arthur St, EC4R9BH 01-623 1050

£S5^-:.:f^ M sl ft

MLA Unit Trust Mn^nnt Ltd.

(M Queen Siraei,SWlA9JG. 01-2Z2-8177

MLA Units [1027 10721 J 353

Murray Johnstone U.T. Mgnt (a)

163, Hope Street. Glasgow, G2 2UH. 041-221 5521

wsesteB sa --I is

■ Daalfcifl (toy Frtcby.

Mutual Unit Trust Managers (aXg)
BroadSLAre. BtomfieldSl.,EC2- 01-638 39U-2L
Muuai Sec. Pius
Mutual lix-Ta..

Mutual Blue Dap
MrauedWgnm.

National Provident Inv. Mngrs. Ud.

48. Gracecturch 5L, EC3P3HH. 01-6234200

.jay m

Rxedlitt-DeLt 0946 IBM .. .1 li

Fh fdjnt. A cc t ; „ pS7 : 95 UlSl J O
•Prices oo irarth m Next dealing Aortl 14
•Prtas « Atartft 12 Ned Mmg Apni 7.

Target Tst. Mngrs. Ltd. (a) (g)
31.GrestamSL.EC2. Deallu»:0296»

31. GrestamSL, E.C2. Deslfaos:0296594L

8bcs=3w n

gSSSa=q|6 MlM

Bas=l 111

US. Spcl. BflndFd_ Z!A 347^+0.4 ? s
MNigra a&TiiB pre— Wi5 g-fl -0.1 o.v

feduc Income 36.5 ffa +07 376

Padhc Re Inv — — 42.6 45i +07 1

Income 31.0 p* +87 7.W

Extra income 529 s^.9* +06 11.44

Prrierence Stare..— 120 |3T ■ 1300

Bi-atiSm:: li Sj $j lfi

Growth *22 454 +8 2 300

ProftB' Dral Marri ?4 . Ka? 247 .. 536

SS

a-:: «

Fdr Tower um Tns d«e ire
Dtrtar Uw Trial

Trades Union Unit Trust Managers
100, Wocd Street, EC.2. 01-6288011

TUUT March J 1622 b62M — J 509

Transatlantic and Gen. Secs, (c) ly)
91-99, M+w LocxJon Rd. Cnetowford. 0245-51651
BartteanMircri 18-197 9 lMfl ....J US

(Arcom Uritsl..— -.—|176.6 ffijy ■ • -1 9-S

CoJeraeo, March 19... 3

(Accun. Urttsi — --
Briefing m. Mar. 18
(Accum. Itattsi — ...

vug. Grab. UenhlG

l Accun. Unttsl —

V*ng. H. Y. March
VBrgd. Tb- March
i Accum robs) .._

WWoitoor March
(AcuxtL Units'.,,

Wtobnoor EKv Mir 19
(Accum Units j

Tymtadt Managers LtiLlaXbXc)

+o I Bristol. D27Z 732241

3BB
3J ft

+01 -7.60

Hexagon Serrtces Ltd.

4 Gt-StHetem, London EC3PJEP 01-5510094
Brewn Inti, fir, I DC.- [49.6 5231 +T-1J 4-26

Hill Samuel Untt Tst. Mgrs-t (a)

45 Beech Sl, EC2P2LX

(b> Bnush Trust

. 01-6288011

a ^l rd A *%

ws+oa 2«

IWCWIial Trust
IglSnrT

(ElFlnsnclriTrud
IblGlhAF^ IflLTSL

ibi&uFl-Gro
ib> High Yield
(b'lnoome Trust —

•■Hm'l Trust — _.

H4L HearctsjTa

P

Gen.

HK Umt Trust Manag er s Ltd. (a)

3 Frederick's PL, Old Jewry, EC2 01-588 4 Ul

iiiriWra.Vd rate tl (H I 7 Qn

Income
HKMtrtai
HKPrtHUeTlL
HKaraflerCo'

HKTtehnoflw

ImeOmea t Bank of Inetandfa)

Investment lirtefltgence LM. W

13W«rapSi,EC2A2Aa. 01-628M*

Intel Anrr Trth.Fd .IW6 TC8 040

Intel. Iik. AGrowin .. 291 2T? §52

Key Fund Managers Ud. (aXg)

L RareMSIW Row. EC4 7W 01-248

Ml I

(Aco rn. U nial

“Prices on Math 25. Next dNlmg April 2B.

National Westminster (a)

161, Ctaapskte, ECZV6GU.

CxpittlUtccum.'

Growth Im
income

“-- y " 'line Fd
Trust

NEL Trust Mmagers Ltd. (a) (g)

Mihon Court, Doridng, Surrey. 0306887766

Nehtar.- J76.7 80.71+0.41 Jg

Nefnar Gift S F.I. HS6 549] +0.1 921

NriSUrHWInc-....Wl 4lid -07 8fe
NHSDr lntrn«io«l.|55J 5791+0-6) 4 80

Northgate Unit Trust Managers Ltd. (cXy)
20, Moorgme, EC2R6AQ 01-606 4477

*assfffsEi as.a ...J ft

Norwich Union Insurance Group (b )

P.O. Box 4, Norwich, NR13NG. 0603 22200

Grot* Tsl- Fund 15052 5423«4 +lfl 545

Pearl Trust Managers Ltd. (aX§X>)

S52. High Hotocm, WC1 V 7EB. 01-4058«1

Peart Growth FtL. B9.4 37 JJI +041 4^

AcaunUnHS — 1«9 4941 +OM f58

Pearl lac.. W.9 44M+02 UO

Pearl Untt Tst- g.fi 5L5) +D3 %%

lAOcumUMSl — ..,|720 nH +0.4i SA5

Pdican Units Admin. Ltd, (gX*)

S»-63, Princess St, Manchester. 061-236 5685
Pelican Urits 0370 M7JJ-011 4.71

Peoetuai Unit Trust MngmL (a)
4?LHartSt. Henley or Themes oaM2t£HB

i ^la

Practical Invest Co. Ltd. (yMc)

44, EkxJnstwry Sq, WC1A ERA 01-6238093

SSlffllKi.® MUSS ft

Provfnoal Life Inv. Co. LW-
777 BisnacBOWc. EC£ 01-2*7 6533

PrSriVF^T:. ..1455 487 +D5I L58

Prohhc Gilt Cta— ... 558 571-0.4 330

PhMtficHitfllK...... t£3 M6 +07 739

Prolific Iral. M.8 426 +07 326

PrriiNe Nth. Airier .... 47.7 511 +0£ 287

ftollfic Spec. Sits ,..51.0 M-S +03 iH

ProiiftcTechrtHogy

Prtifl. Portfolio Mngrs. Ltd. (a> (b) (c)
HottwroBm,£ClN2NM

fiSSbrr.BB! 13^9 ift

(Accum IMtei
Income.

(Ac^aii.

(AtaxiC Unic)__

(Accum. Units)

la. End

t Accum. Units)

North Auer. Grth.
(Accum. Units!

Far Eastern ._

■ Accum Units'

Gilt Income

(town. Units)
NatiealR
Acoen U

Scot. Inc

Ldn.WdlCap.GMh
lAcnxn. Units).
Ldn-UM ExMc
(Accimi Umu> ... .

uti.wannn.pmy

l Actum Units'.—
Ldn Wad Hr loc Prity
Ldn. Will Inti _. -.
ldn. WM Sort . Sts

M -3 ■

349 3+d;
3891 +0J

+02 1422
+02 14E

w il

+A2 483

+04 3.SJ
+03 496

+07 4.95

+23 372

. 934

+04 369

+0.5 3W
+0.1 1007
1007
. 4.«

TSB Untt Trusts (b) fc) (y)

PO Box 3, Keens H», Aadorar, H«h SP10 IPG.

2.42

ga^SSar^il ||

ftiieac=& s

mpSifer: r8 7 Es

Uh±er Bank (a) _____

Warina Street. Betfasl. V23Z3S31

UilUIOfr Growth Wi 47-9 | — i 505

Untt Trust Account & Mgn*. Ltd.

Regs Hse, King wnuamSt, EG««. BW»4$1
FrvasHse.Fund ISTLO W171 — .1 4.68

NOTES

Pncri are ut pence nttas odwrwtee Mkaied
Yiri® "6 (shown in lat afiumn'riiow lor all buying
ewraes a Offered prices mdide »H experam.
b Today's pnees. (Vrt Based on offer pnce
d Eslimaled. , 9 Teeny's opening _ pnce.
h DranbuuBn free ot UK taxes, p Periodic
nrenxum inurance ptans. i SmQte premum
usunuxr. x Offered pnce includes all erpenus
reertt agera's arnwnswn J 0««wd pnw includes
aUeroera#sttbou4>' ft hraii6hrtanagm2 Previous
day's urae. 1 Guernsey grass, if Scnended.-
♦ YWd before Jersey .«x- t Ex^utxhwtiOn.
t+ Only available w chartorir bodies.

35» CURRENCIES,' MONEY and GOLD

Companies
and Harki

Tension eases

THE POUND SPOT AND FORWARD

Strains within the EM5 were
less apparent yesterday as the
weaker members showed some
signs of recovery. This was
helped by a weaker tendency in
the dollar. re9ectinc lower U.S.
interest rales. However, after a
weaker start, the dollar re-
covered to ftpisb around its best
level o! the day.

Sterling continued to improve
against the dollar and European
i currencies and its index finished
at the highest level for a monUt.

Tension cased within the Eure-

| pean Monetary System yester-
day. The French franc improved
| and was placed within iLs diverg-
ence limit and above ihe Belgian
franc. French interest rates
i were again increased and this
I together with an easier trend in
I U.S. rates helped the French
franc recover. The D-Mark was
| the strongest member ahead or
: the Dutch guilder.

DOLLAR — Trade weighted
index (Bank of England) 114.8
against I14L9 on Tuesday and
109.1 six months ago. Three-
I month Treasury bills 12.50 per
cent (14-16 per cent six months
ago). Annual inflation rale
< ?.? per cent i8.4 per cent pre-
vious month) — The dollar closed
at DM 2.3850 against the D-mark
hardly chan Red from Tuesdays
figure of DM 2.3345, while in
Terms of the Swiss franc it was
I quoted at SwFr 1.S950 from
SwFr 1.S960. Against the
Japanese yea it fell tn Y243225
| from Y245.0, and was easier
against the French franc at
FFr 621150 from FFr 621525.

STERLING— Trade weighted
index 91.4 against 91.2 at noon.
9123 In the morning and 9121 on
Tuesday (85.7 six months ago).
Three-month interbank 13AI per
cent ( 151 per cent six months

ago). Annual inflation 11 per
cent (12 per cent previous
month 1— Sterling opened at
SI. SO 10 against the dollar and
traded within a narrow range of
SI .$060 and S1.S125. It closed at
S1.SOS0-1.SO90. a rise of 60 points.
Against the D-mark it rose to
DM 4.3150 from DM 4.30 and
SwFr 3.43 from SwFr 3.42 Jt was
lower against the French franc
however at FFr 11U350 compared
with FFr 11.2650.

D-MARK — EMS member
(strongest). Trade weighted Index
123J3 against 123.5 on Tnesday
and 11923 six months ago. Three-
month interbank 9.525 per cent
(12210 per cent six months ago).
Annual inflation 5.S per cent (623
per cent previous month) — The
D-mark showed little overall
change at yesterday's fixing in
Frankfurt. The French franc
was fixed at DM 3S.23 per
FFr 100 up from DM 3S.175 in
response to higher French
interest rates while the Swiss
franc improved to DM 122599
from DM 1J593. The dollar
slipped to DM 223S15 on lower

Eurodollar rates and sterling

watt lower at DM 4.3060 com-
pared with DM 4.3170.

BELGIAN FRANC — EMS
member (weakest), Trade
weighted Index 94 J against 95.1
on Tuesday and 107.1 six months
ago. Three-month Treasury bills
13.75 per cent (15.75 per cent
six months ago). Annual infla-
tion 7.1 per cent (7.6 prr cent
previous month)-— The Belgian
authorities spent the equivalent
of BFr 17bn {£209m> last week
in support of the Belgian franc,
the largest amount spent in one
week this year. Reserves fell by
BFr 10.4hn with most of the
balance spent on supporting the
franc made up with Treasury
borrowings.

U.S.

Cano do

Netnind.

Belgium

Danmark

lratar.fi

W. Ger.

Portugal

Sum

Italy

Norway

Franca

Sweden

Japan

Austria

Swiiz.

Day's
ipnuul.
1.0060-1 Ifil 25
3^060-22750
4.74-4.7B 1 *

80.90- 81.80
M, 03-14,72

I, 2350-1.2425
a.29-4.33

1 27.00- 127.75
189.25-190 J5
2.355-2,363

10.90- 1036 -

II. 20-1130
IG.OT-tiW,

436-442

30 17-30 J6
3.41-3.44

IJKWKIjnaO

2^720-2-2130

4.77-4.78

*1.65^1 .65

14.59-14.70

1.2375-1.2385

4.31 -4 je

127 -20.12750

189 55-189.75

2.355-2.358

10J4-10J5

lljaH-IIJfl'y

10.fiy.-TC.Stf,

uisut •

30 .23-30. 28
3 42V3.43 1 ,

Otm month

0.13-0.2^dft~
0.45-0. 55c die
3-2^c pm
20^cdia
2-3ore dis
0.S7-0.69p die
pm

65-1904 -dte
5&-80c dla
38-46 lire dw
VlSore die
die

iV’fOrapm
£,7S-2.46y pm
laij-il+^ro pm
2V+C pm

f. Thro*

p.e . R Kinttie

0.554).65dra -
-2.71 1.45-1. 55di8 -
£.91 GVE^pnv
-4.04 10-90. dm -
-2.04 74P.dts
-6.11 1 88-2.04<lia -
4 52 5-4 1 ; pm
-12.01 19S410 die -
—4317 175-285 die -
-21.13 81-89 die -1
-1 03 3'-4>, die -
-33-91 43^.51i^he -1
O.K 3-1’j Pm
7 08 7 70-7 JO pro
5.15 37-30'-. pro
7.87 6 ? »-6't pm

Belgian rate ii lot convenible
S'x-montit forward dollar 1.20-

franca. Financial '«anc 91 fi5-91 85.
7.30c dia. 12-manih 2 15.2.3I>: c-a.

THE DOLLAR SPOT AND FORWARD

March as - spmd Clomm ■ Ona month

UKt _ ^1^060-1.8125 14080-1.8090 0.13-0. 23c dm

Irtlar.dt 1.4585-1.4635 1.4515+1.4630 0-E7-0.57C pm

Canada 1.2205-1.2240 1 .2230-1 .2235 0.17.0.20c dia

Nothlnd. 2 6230-2 6430 2.8400-2 6430 1 .78-1. 68c pn\

BoJc um *4 JO-45. 13 45.15-45 13 10-20c dt*

p.a. month* p *.
'-^.»~075W)"66di* -1.33
5.09 - 1.88-1.73 pro 4 94
-1.81 0.474). 51 die -160
7.89 4 75-4.55 pih 7 14
-4.00 27-37 dt* -2 85

Balg>un> 44 JO-45. 13 45.73-45 13 1D-20C dia -4.00 27-37 di» -2 85

□enmatl- 8-0790-81300 8.1100-8.1200 0.454. GOore die -0 78 1 2S1.50di« -0 68

VI Ger. 2.3725-2.3875 2.3845-2 J855 1.15-1 .10pf pm 5.66 3 44-3 39 pro S 73

Portugal 70 35-70.75 70.35-70 55 35-IIOc die -12JS 100-236 dim -9^3

Spam 104.70-104 J5 104.85-104 90 18- 28c dla -2 63 5&-75di* -2.48

Italy ■ l;303*7;3M*j— iiSOV-l JOSS' 20-25 1« die -20.68-41-46 d» -1X33
Norway fi. 0315-6.0580 6.0450-6.090 O15-O 35ore dim -0 SO (7 55-0 75dia -D.43

Franca 6.1800-6-3550 6.2100^ 2200 13‘,-IS 1 ^ die -27 85 23*i-24 dim -14 56

Swotian 5.8390-5.8610 5^500-5.8800 1.10-0.S5oro pm 2.10 3.00-2.85 pm 2 00

Japan 241.40-243.50 243.20-243.30 1.75-1 60y pro 8.26 5 054.90 pm 818

Amine 16.67-16.75 1 , 16.74^16.76', aT.-Spro pm 6 19 25-22 pm 5 62

Ewit: 1.8835-1.8965 1.8945-1.B955 1.44-1 33c pm 8 9(5 4.32-4.27 pm 90ft

t UK and Ireland ara quoted m US. cu'tency Forward nnr.i.iru a-d
discounts apply to tha U.S. dollar and not lo the rndi virtual c U 'Ve.ic>.

CURRENCY MOVEMENTS CURRENCY RATES

Bunk of Morgan
Eng lend Guaranty
Index cnangaai

Bank. Special European
rate Drawing Currency
”, Rights Unite

Sterling

91.4

-32.3

U.S. dollar. :

1 14.8

+ 7.i

Canadian dollar.

8B.5

-17.0

Austrian schilling.

117.0

-25.3

Belgian franc

04.9

-2.3

Danish kronar. . ,.

83.3

-13.7

Deutsoha marK..—

1£33

-.46.6

155.1

- 107.7

114.5

+ 21.3

French Irene

78.2

— 15.5

54.4

- 58.1

Yen

135.7

+ 29.5

Based on trade weighted changes from
Washington agreement December. 1971.
Bank ot England Index (base avenge
1375“ 100).

Sterling.......

U.S. > 12

Canadian 5.. 15.04-
Austria Sch. & J «
lalgiinF,.. 13
Danish Kr.^, It
D mark., II*
Guilder,.... . B
French Fr... B )j

Ura 10

Yen 5is

Norwpn. Kr. 0
Spanish Pta. B
Swedish Kr. ID
Swiss Fr a>3

0.610438
1.1 1066
1.36208
18.7956
50.4395
9,D89nl
2,673211
2.95412
7.00592
1468. li
274.475
b. 76249
1 17.047
6.56149
2.12.Vift

Greek Dr'ch. 20'r —

0.555522
1.00135
1.22002
16.8524
43J2350
8.1533
2.39

2. 6503 2
b. 2828 5
1516 50
245.676

6.06503
105.790
5.88350
1.00355
62.2426

EMS EUROPEAN CURRENCY UNIT RATES OTHER CURRENCIES

Belgian Franc ...
Danish Krone ...
German D-Mark
French Franc ...
Dutch Guilder ...

Irish Punt

Italian Ura

ECU

central

rates

Currency
amounts
•gainst ECU
March 24

% change
from
centra)
rata

44.6963

45.2002

+1.13

8.18382

8.15511

—0-23

2.41815

2.39817

-0.83

8.15564

6.26183

+1.07

2.67296

2.65207

-0.78

0-686799

0.688787

+0.44

1305.13

1315.44

+0.79

±1.5440

±1.6428

-1.1097

-1.3743

—1.5068

±1.6689

±4.1242

Changes are for ECU. tharaloro positive change denotes e
weak currency. Adjustment calculated by Financial Times.
Storling/ECU rate (or March 24 ... . 0.557546

Argentina Pees..., 10.014 I0.g54rl 11,005- II, 050 i Austria...

Austral la Dollar... 1.7105- 1.7135 0.0460 0.9465 Belgium

Brazil Cruzeiro..-! 262,07-263.07 145.28 146.01 Denmark. ..—

Finland Markka-- . 812508.7553 4.5750-4.5770 - Franca

Greek Drachma-; 109.886-1 15.243 ' 61.45-61.65 Ganwiy..

Hong Kong Dollar 10.49'4-10,50S» 5,8100-6.8150 ! Italy

Iran Rial.....— 147.40- 81.70- Japan

Kuwait DlnarlKD) 0.513-0.510 0.2850 0.2852 Netherlands

Luxembourg Fr.J 81.55-81.65 * 46.1145.15 .Norway.-—,.-

Malayela Dollar . . ..4^ 1 1 0-4.2210 ; 2.33 10-2.3340 - Portugal

New Zealand Dir. 2.3205-2.3245 1,2885 1.2895 Spain

Saudi Arab. Rival . 6,16-6.22 ' 3. 4200 -3.422D Sweden-. .
Singapore Dollar’. 3^390-3.8400 2.1245-2.1265 Switzerland-- .
Sth. African Rand 1.8765 1.8780 1.0375 1.0385 United States...
U.A.E. Dirham . .. 6.62-6.68 3.6715-3.6735 . Yugoslavia..-. .

t Now one rate. ■ Balling rata,

f

Net* Rates

50.10 30.40
90-91

14.60-14.74
11. IB 11.28
4,28-4.32
2325-2375

450444
4.73i; 4.77(2
10.87 10.97
125 151
184', 1951;
10.54 10.64
3.40 1 1 3.44),
1.80 1.82
93-105

EXCHANGE CROSS RATES

Mar. 24 • Pound Sf rllng; UjS. Dollar

i Deutschom’k Japan'saYen FranohPrano Swiss Franc -Duteh^Guild*: Italian Ura ;GansdlaDollar8alglan Frano

Pound Sterling
U.S. Dollar

Douts -Jiemark
Japanese Yen 1,000

Frenoh Frano 10
8 wise Frano

Dutch Guilder
Italian Lira 1,000

Canadian Dollar
Belgian Franc 100

! 1.809

- 4.776
2.640

1.650

4.203

FT LONDON INTERBANK FIXING (11.00 a m. -WARGH- 24)-

3 months UA Dollars

6 months U.5. dollars

bid 14 bra I offer 14 BfS | bid 14 llrlfi * offer 14 ism

The Axing maw arejthe arithmetic means, roundftti to tha newest. onf->lxTf*nth.
of the bM nd offered rates for SlOm quoted by tha market to five reference banks
at 11 em each working day. The banks are National Westminster Bank. Bank of
Tokyo, Dsutacha Bank. Banqus Nationals da Parle and Morgan Guaranty Trust.

EURO-CURRENCY INTEREST RATES (Market closing Rates)

Mar. 2 A J

Sterling

US. Dollar

Canadian

Dollar

Dutch Guilder Swiss Franc

JWcst German .

1 Mark . . French Franc '

Italian Ura

: B*Jglan Franc
Convertible

Japanese Yen

Short tarm

13&g-13*4

13*4-14

lb-17

0-3

1 1U

1

BSs-834

45-73

j

20-86

0IS-11

7 days' notice

iasfl-i3; g

14-14-U

16-17

3-5

834-9

1

83,-STa

45-75

1

42-50

! 1312-151:

Month J

135a-1334

J4,i 14 «

1578-16 U

7l„.7l4

Sfr-658

1

091* •

37-47

3313 36l{

1 1B14-21U

Throe months ,_|

1312-1358

IJia-Jf;

157 E -ib)4

8lg-8U

J

0-0 ft ;

86-30

27lC 20

1 17!. 10

61: -6 m

Six montha (

13)2-15*8

16-16J8

8SB-8lt

0-018 ;

23-25

1

E4V25S 4

17 18

One Yoar j !

13);-13*b

14Ss 147a ,

16U-16te

Sri-B-.r

0-018

19-21

l

23s» 24*4

1 151--16):

6 ,-i' 6. •

BFr (firunoel): short-term 11-12 per cent: seven days' nonce 13-13 1 . per ceni: ona-monch 13V13*. per esnu throe months UVUI. per cam. si« months
14*i-14 r i per cent: one -year M%-i4 r . per cent. . .

SDfl United deposits: ona-vnoerh 74’i»-1** u s, per cent; enree months 13-i»-T3 !u u per cent; sir months I3*u-13*u per cent; ens-yeer T2f pei cent.

ECU linked deposits: one-month 16V17 1 , per coni; inreo manjhe per cent; six monshs 13^J-14> W per esnt: one- year l^t-lS*. per cent

Asian s [dosreg cates in Singapore!: one-month uu-ics, pre cent; tinea month. per ceni: six months 14>.-14>. per cent; rne.vear I4 u i*-H u > per

Long-term Eurodollar rwo years 15J-1&«« per cent; Uirse years 15V154 per cam: lour years 15Vl6*a per ceni; live years 15V1S\ per cent npmmsl clpson rates.
Short-term rates ero call lor U.S. dollars. Canadian dollars and Japanese yon; others two days.' nonce. .

The toHowmg rates ware quwad for London dollar cemficeies ol depoirt: one-month 14.23-44.35 per oent; three months 14.40-14 53 por coni; sut month*
14-55-14^5 par cenu one -year ie.5a.14.G5 per cant.

MONEY MARKETS

GOLD

Revised shortage

London clearing hank base
lending rate 13 per cent
(since March 12)

The London money market
was faced wiHh a substantial
credit shortage yesterday, and
the Bank of England revised its
forecast of a £650m shortage in
the morning, to £600 m at noon,
and to £700m in the afternoon.
Total assistance provided by the
authorities was £764m including
a repurchase agreement of
£303m for one week at interest
rates of 13-131 per cent The
major factors were bills matur-
ing in official hands and a net
market take-up of Treasury bills
of — £170m; the unwinding of a
repurchase agreement — £107m,
and Exchequer transactions
— £160m.

In the morning the Bank of
England gave help of £322m by
buying £2m bank bills in band 1
(up to 14 days maturity) at 13i
per cent; £2m local authority
bills in band 2 (15-33 days) at
13 per cent; £l62m bank hills in
band 2 at 13 per cent; £2m local
authority bills in band 3 (34-63
days) at 12} per cent; £68m bank
bills in' band 3 at 12} per cent;
and £S6m bank bills in band 4

(54-54 days) at 124 per cent.

Apart from the repurchase
agreement, further assistance
through purchase of £134m bills
outright was provided in the
afternoon. The authorities bought
£24m bank bids in band 2 at
13 per cent; £lBm bank bills in
band 3 at 12] per cent; £22m
Treasury bills in band 4 (64-91
days') at 121 per cent; and £6&m
hank bills in hand 4 at 12} per
cent.

Interest rates showed little
change despite the probable
over assistance from the Bank of
England. Seven-day interbank
money firmed lo 13i-335 per cent
from 13 1’ -13J Per eeut, but
longer periods were steady.

In Paris interest rates con-
tinued to rise as. part of the
programme to defend the franc
by the Bank of France. Call
money rose by 1 per cent to IS
per cent, the highest level since
October. S. On Tuesday the
seven-day Treasury bill discount
rale was raised by 2 per cent to

20 per cent.

Further

rise

Gold rose $24 an ounce in the
London bullion market yester-
day to close at $3311-332*. it
opened at . $3291-330} and
touched a high of $334-3344 and
a low of S3294-330.

In Frankfort (be 12i kilo bar
was fixed at DM 25,590 per kilo

( $335.01 per ounce) ' against
D3r 25,350 (S327.4S) prenously:
and closed at S331*-332i from
$3291-3304-

Xn Paris the 124 kilo bar was
fixed hi FFr 67,750 ' 'per kilo
($338-26 per ounce) in the after-
noon compared with FFr 67.750
($340.01) in the morning and
FFr 67,500 ($334.62) on Tuesday
afternoon.

In Luxembourg the dollar per
ounce equivalent of the 121 kilo
bar was $333.25.

In Zurich gold closed at $331-
334 against S32S-331.

' Gold Bullion (fine aunoei

Close. ... X33ng-33gii " CE1B3 U-1B3V 5329-330

Opening __ I329l«.320!s (£182 lBZlai S3 2 1-32 2

Morning fixing*. 8353 Miiaa.oas. S327

ATternOan fixing *331.75 i£1B3.237j S320.25

Krugerrand.

VZ Krugerrand...
1(4 Krugerrand...
»i1& Krugerrand

Map I Blear..

New Sovereigns.
King Sovereigns,
victoria Sovt~.,..

French 80c_

60 pesos Mexico
180 Cor. Austria.
*20 Eagles

Cold Colne

I3411|-*42i< UlBeVlSBU)
S176-177 {£97i«-97>«)

SB9l Z 0Oli i£40i s 6O)
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881-81 lg
898-90
508-00
880-00
3409-411

I391-383H

*449-454

<£44*4 4Sj
(£54-5412)
l£54 54)+;
(£4414-4014)
i£ZZ6-SZ7);i

IJC1771J-179I

i£S48U-251i

3330 359 >i
K 1741i-17B)i
889 90
S36i< -37U
S539'i 340 J,
S8Q 80)2
596-98
S96 98

SBD-90
.440614 4091:

FS90I* 328H

9446-451

i£1B2'-«.I85i
(£178-178)3)
■£181 304)
;£183-481l

|£1B8. 1881*1
l£96 v 4 ttTf,)
.£49:,.50)
■caazoJ,-

,£188)2-1891
i£44I-44), |
t£53 14 -53)|)
i£63)i-63»4»
i£44 1,-50.
>£ 225:4-237 U
)£177l,-179.
.£24712-250(1

KOHEY RATES

NEW YORK

Prime rats -

Fed. funds (lunch-tims)

Treasury bills ( 13-wee It
Treaeury bills (26-wwk)-^-

GERMANY .

Special Lombard

Overnight rate

One month

Three months •

Si* month &

LONDON MONEY RATES

' sterling

Mar. 24 [certificate interbank j Authority n
1082 | of deposit 1 deposits

isvift

124»

12.64

Overnight.. — — 121*-13l3

2 days notice. — —

7 days or. [ — —

7 days notloa^.' — 135 r-13t s

Ona month J 133fl3st 13ft-lS*4

Two months I3fig-13x» 13A-13+*

Three months. 13*-13ft- lS^-lSft

Six months 13-;; 135s- 13 h

Nina months.^. 13,,-lflnc ! 13i8-13is

One year 13|- n -13n ; 13Ss-13i:

Two years,.,... — 1

133fl3ss

13fis-13Xv

135r-13Ts

13A-18S*

attfe

1 lsss-iaif

UH

1358-15*4

ISVUla

Finance PTscount 1

House Company 1 Market fTresaury
Deposits Deposits } Deposits Bill**

~ 1334-137* 13-13* 1 ~

141 8- 137 j

14-1334
14-1354
IS ) B - 1254

135a 1314

131, 1314-^

137| ! 13
137| - 15 .

137* 125 4

133 4 1950-12):

Ellglblft Fine
Bank Trade
Bfllaft Bills*

137#
' 13*

13S|
* 13

FRANCE

Interarnuon rata

Overnight rale

One month

Three months

6ix months .. — . —

JAPAN

Discount rate ........

Call (unconditional)

Bill discount (three- month).,

Local authentic* end finjnea houses seven days' nonce, others seven days fixed Lono-term locel authority mart.
■WO® reiei nom.nelly three years 13 ! 4 Bar cent: lour yean 14 per cent; five years Ift por cent 0 Banks bur rate*
table are buying rates lor prime paper.' - Buying ran tor fouwnoiuh bank bills 12* U per cent; lour months
trade bills 13 per cant.

Approximate setting ratees far one-month Treasury biH« I2« fc .13- oer- cent; two months 12*VU*, per cent- -h™*
moiuhs 12»a per zem. Approximate seHing rue lor one-month bank brlla 13^ par cent! two montha 12»* per ceni" and
three monihs 124 per cent: onc-montn trade bills 13S per ceridi two months 13*« per cent; three months 13>i Mr cant
Finance Houses Base Rates (published by the Finance Houses Association) 15 oei cent from Maich 1. 1962 Cloanna
Bank Deposit Rates tor sums M seven days' nonce HMft percent. Clearing Bank Rates lor lending 13 per ceni- Ttafeim.
Bills: Average, lartder rare s ol discount 12.4831 per cent ’ ,ma * UT *

Certificates of Ta* Deposits (Series 5) 13>i per cent irpm Match B Deposits withdrawn lor each tl par cent

•• I

r • r , • f-' :

. .T» ' ie

riwiioa*---

Financial Times Thursday March 25 1982

UK COMPANY PROFILE

How Bunzl was freed from mediocrity

BTJNZL’S fortunes were founded
on the stuff of dirty ashtrays.
Whisked up by a change in
smoking habits towards filter*
tipped cigarettes, Bunzl became
the supplier of filters to the
country's tobacco giants. Profits
moved progressively upwards in
the 1950s and 1960s at such a
rate that Bunzl caught the
unwelcome eye of the
Monopolies Commission. But
even the Commission could do
no more than award Bunzl the
accolade that its achievements
were M Due to. and justified by,
the skill at which it exploits the
possibilities open to a specialist
producer."

Yet, ironically, as the Coni'
mission was penning its report
the seeds of mediocrity for the
next decade were already- being
sown. Major customers like
Imperial were laying down their
own filter manufacturing plants
and penetration of filter
cigarettes in the UK market
had already reached more than
70 per cent. The market was
close to maturity and the com-
petition was about to hot up.

To avoid going “ex-growth"
the directors realised that they
had to buff up the company's
image and find a new product
which they could exploit in a
specialist niche. They didn't
find it The search lacked
direction. Management thrashed
around with directors often
following their own particular
“ > bent." Bunzl ended up as a
filter manufacturer with a mish-
mash of small unrelated com-
panies tacked on. Far from pro-
viding the next revolutionary
product many of these subsi-
diaries were dragging Bunzl
down. Profits fell from a peak
of flSJZm in 1974 to £ll.lm in
1980

Blft two years ago L tie ocaat
began to sur. The sale of a
major Austrian subsidiary,
Bunzl & Biach AG (BBAG).
gave Bunzl a cash injection
while the board was beefed up
with the appointment of James

By Terry Garrett

BUSINESSES BUNZL HAS BOUGHT, SOLD AND CLOSED — 1980-82

Date

PURCHASES
April '81

Company
Jersey Paper

Country Business

Stake % Buyer

October ’SI Kayfine Plastics

February *82 Palm Beach

February *82 E. Greene '

March *82 Filtrona Brasileira

Indurtria E Commerdo

SALES

February *80 Bunzl & Biach AG

February *80 Molnar & Greiner

July *80 Bunzl Telecommunications

November ’80 Bunzl Data Systems

June *81 Bunzl Adhesive Materials

November 'SI Bunzl Adhesive Materials

March *82 Bunzl Pulp and Paper Canada

CLOSURES

July ’80 Filtrona Textile Products

Australia

Austria

Austria

UK

UK

Ireland

Canada

Disposable paper and
plastic products
Disposable plastic
medical products
Disposable paper and
plastic products
Disposable paper and
plastic products
Ogarette filters,
plastic tubes and bottles

Paper and packaging
manufacturing ■

Paper trading

Telephone call logging
equipment
Bureau

Self adhesive labels
Self adhesive labels
Flexible packaging

Carpet products

£037m

{ Papierfabrik Laakirdiin and
Papteriabrik Laaklixhtn
Ein-Und Varkaufs (both
Austrian)

Management boy out

Rolf e * Nolan
RTZ Chemicals
Dmemits BV (Holland)
American Ffltrona (U.S.)

£0.02m

£2m

* Giving Bunzl 100% control.

t Bunzl retains a 75% stake.

t Sals represents Buitzl's total interest.

White as managing director —
previously one of Trevor
Chinn’s lieutenants at Lex Ser-
vice Group.

"I wanted to run my own
show " says Mr White. And run
it he has. As the table shows
much reshaping has been done
since his arrival, though the
most significant disposal was
virtually complete before he
joined.

Ernest Beaumont, the chair-
man, picks up the story. “ The
sale of BBAG in February 1980
was the first major step in lay-
ing down the groundwork for
future development. Zn mak-
ing our strategic plans there
was not much we could do be-
fore we disposed of BBAG.”
The decision to sell had been
taken two or three years earlier
but finding a buyer at an
acceptable price had been hard.

The purchase of BBAG for
£2.4m in 1970 was originally a

defensive move to protect the
profitability of the merchant ing
division. It soon proved a mill-
stone and the final sale involved
a book write-off of over £5m.

Mr Beaumont again: “ A great
many things were wrong with
it In particular we found that
an Austrian company of that
size was not really suitable to
be a subsidiary of a British pub-
lic company. The whole
approach to financing industry
in Austria is very different from
this country. The concept of
gearing is quite unknown.
While we constantly had to
watch our gearing ratios the
Austrians did not really under-
stand them. The Austrian banks
didn't understand them.

Mr White's first move was to
close dawn Filtrona Textile
Products— a company tied to
the UK carpet industry, a sector
which has come up with its own
batch of horror stories over the

past 12 months. The decision
-to get out of data and tele-
communications — by one route
- or another — followed hard on
the heels of the textile closure.

Mr White explains bis philo-
sophy: “If you look back at
what we were deciding, there
were a number of things we
were engaged in which didn't
offer the sort of levels of return
we thought the company ought
to be looking for, either in the
short term or indeed the long
term.”

Apart from the disposals Mr
White and Mr Beaumont went
through the rest of the group
trimming back overheads and
rationalising product ranges.

In the last two years staff
levels have been cut back by
15 to 20 per cent The filter
operation came in for some
particularly drastic surgery,
mainly because the trend away
from double filters cut out a

whole production process. The
number of employees at the
filter plants has been chopped
from over 2,000 to less than 700.

Restructuring Bunzl has been
a two-pronged approach. While
Mr White was cutting away the
deadwood of failed diversifica-
tion he still had to build new
profit centres away from the de-
pendence of tobacco.

One area which has come in
for a major advance is paper
trading — a brokerage style of
operation. “ We now have an
extremely well developed and
geographically dispersed trad-
ing operation," says Mr White.
“ We have opened seven or
eight offices in various strategic
parts of the world and are now
beginning to reap the benefits
of being a major player in the
world market for pulp and
paper." Bunzl reckons it is
among the top -three traders
(rather than producers) in the

world.

The company has also made a
significant thrust in paper dis-
tribution— a very different busi-
ness from trading. Distribution
is a “full system business”
with fleets of trucks and ware-
houses full of paper and pack-
aging. In “trading" Bunzl
rarely sees the product. Action
to expand distribution has been
spearheaded by a spate of acqui-
sitions in the U.S. concentrat-
ing on disposable and hygienic
paper and packaging, including
plastics and film rather than
communication grades.

White explains his strategy:
“We picked North America as
being the main focus of our
attention.- Consumption per
head is astronomical and pro-
mises to keep growing. The
paper industry is laying down
plans for huge increases in
capacity over the next ten
years.

“The UB. is a $8bn market
shared equally between the
manufacturers and the distribu-
tors. 'Hie long-term trend is
away from the manufacturers.

“ We are concentrating on
three geographical areas-— the
Mid-West, the North East and
the South and South East. The
acquisition of Jersey Paper
established us in the North East
and the acquisition of E. Green
capitalised on that. Together
they give us $S0m to 890m of
turnover in that area. That
makes us one of the biggest
players in that part of the
world.

“ The acquisition of Palm
Beech gives us a start in what
is one of the fastest-growing
states in America (Florida)
and now we are busily engaged
in discussions which might lead
to an acquisition in a few
months' time in the Mid-West"

By the end of the year Mr
White hopes to add two or
three companies to his U.S.
portfolio.

It is not just North America
where Bunzl is concentrating

James White, managing director of Bunzl (left) and Ernest
_ . Beaumont, the chairman.

its efforts. It recently trebled
its capacity for manufacturing
squeezable plastie tubes by buy-
ing out the assets of a major
competitor. And this month it
again increased its Brazilian
exposure in a deal with Ameri-
can Filtrona.

The opportunities Bunzl sees
in Brazil are typified by its
entry into plastic containers six
years ago. Bunzl is now Brazil's
major producer of plastic con-
tainers for the cosmetics indus-
try. This year it wlU probably
produce 120m bottles, and the
operation is now vying with
filters as the main source- of -
Brazilian profits.

Bunzl is also looking . at
Australia. But it hasn’t forgot-
ten opportunities closer to
home. Mr White says that the .
industrial division is "now in
good shape and beginning to
make sensible returns. We
have in position a very sound
management team that clearly
has the. capacity not only to ex-
pand that small number of
companies but also to consider
the assimilation of companies
in the same or related indus-
tries. Also from a tax stand-

point we would like to make a
move here."

While the management Is con.
centrating on developing areas
.it has not turned its hack on
the tobacco industry— after all,
it still accounts for more than
half its profits. Bunzl is still
pouring “hundreds of thousands
of pounds" into filter research
and development. Mr White
sees the expenditure as an
insurance poBcy: u I think if
we . weren't engaged in this
research, the incentive for the
tobacco majors to stay with us
would disappear."

BunzI's past dependence on
the tobacco industry may have
been one qf its biggest head-
aches, but as Mr White sums it
up: “ Let's not say that tobacco
promises no future profits for
Bunzl. That is not the case.
As well as promising prospects
it promises quite a. significant
cash flow— the main source of
cash for development of the
newer emerging -profit centres.

“ We are In the position for
the first time in quite a long
time to say we have a sensible
launching pad and the financial
base with t.hich to do the job."

AHNANC^

SOUTH

KOREA

JUNE 2 1982

The Financial Times is planning to publish a survey on South Korea

in its issue of June 2 1982. The provisional editorial synopsis is set
out below.

INTRODUCTION After the turbulent year that followed Presidents
Park's assassination, South Korea has made a fresh start, politically ',
and economically. The regime of President Chun Doo-Hwan rules
with a firm hand but has shown signs of wanting gradually to extend
political freedoms. The economy has passed through a drastic
adjustment process but may soon be poised for further growth. On -•
the diplomatic front the Government has managed to take the
initiative vis-a-vis North Korea by launching a new series of proposals •
for unification.

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Relations with Japan
Foreign Borrowing
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Motor Vehicles
Petrochemicals
Labour
Education
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Tel: 01-248 80.00 Ext 3276 Telex S80533 FINTIM G *

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Financial Times Thursday March 25 19S2

Companies and Markets

INTERNATIONAL COMPANIES and FINANCE-

Ford’s Mexican tractor
deal a boost for UK

BY WILLIAM CKtSLETT IN MEXICO CITY

|T FORD MOTOR'S expansion rn
y the email but booming Mexican
tractor sector through -its recent
\ $SOm joint venture with
r National Financiera (Nafinsa),
■ the State development bank, is
good news for Ford UK and
possibly for the UK machine
tool industry.

Exports of components such
as rear axles, seats, steering
wheels and transmission parrs
from Ford UK to Mexico will

to produce Ford models when
the new plant starts operating.

Ford’s Latest venture— with
Nafinsa taking a 60 per cent
stake and Ford 40 per cent —
comes at a time when there is a
tremendous demand in Mexico
for tractors. Ford is also ex-
panding car production, in
Mexico.

The Government of President
Jose Lopez Portillo is investing
heavily in the depressed agri-

RENAULT ARGENTINA HALT

RENAULT ARGENTINA, the French company's local sub-
sidiary, is to suspend production for a week at its main plant
at Santa Isabel Jn the northern city of Cordoba, affecting a
workforce of 3,500, writes Jimmy Burns in Buenos Aires.

Renault is the current market leader in Argentina, having
recently taken over from the troubled subsidiary of Ford,
which last week-end announced it was laying off 22 per cent
of its 13,500 workforce.

A statement from Renault's local management said next
week’s closure was necessary because of the current recession
and its impact on local car sales. The company added that it
foresaw no up turn in the short term and was aiming to curb
production.

Originally, Renault had wanted to stagger Its lay-offs by
baiting production only on four Fridays In April. However,
it is believed that the company decided to accumulate the
lay-offs over one working week with the aim of pressuring the
government to reach an early solution to the crisis in the
motor industry.

In the first two months of 19S2 car production was down
by 46 per cent, compared with the same period last year, while
sales fell by 57 per cent Renault’s output fell by 47.5 per cent,
and its sales by 62 per cent over this period.

be boosted significantly when
Ford's new tractor plant
Mexico’s largest comes on
stream in 1984 with a produc-
tion capacity of 15,000 units.

British machine tools may be
used in the new assembly plant
at Guadalupe in the central
Mexican state of Zacatecas.

Ford UK already exports com-
ponents to the stare-owned
Skiena plant at Ciudad Saha gun
outside Mexico City, which has
a capacity to produce 7,200 Ford
tractors under licence. Ford
markets these tractors.

UK exports of tractor com-
ponents to Mexico over the past
five years were worth $180m.

The Sidena plant will cease

cultural sector in an attempt to
keep food production higher
than the 3 per cent population
growth rate.

Mexico imported 5.000 trac-
tors in 1979, about half of them
from Ford, when the Govern-
ment started to mechanise
farming methods.

It was after this surge in im-
ported tractors that Ford
approached Nafinsa with a view
to establishing the joint ven-
ture.

As well as Ford, Deere and
Co., International Harvester,
and the Alfa group produce
tractors in Mexico. Alfa.
Mexico's largest private-sector
holding company, bought the

controlling share in its joint
venture with Massey-Ferguson
in 1980, and is the current mar-
ket leader.

However, Alfa is in deep
trouble after seriously over-
extending itself. It has been
hard hit by last month's 40 per
cent devaluation of the peso
which pushed up the peso cost
of its S2.3bn of external debt.
Alfa is planning no expansions
at present.

Tractor sales grew by 16.6
per cent last year to 18,266
units. Ford, currently the
second largest producer after
Agromak, the Massey-Ferguson
producer, increased its sales by
3 per cent to 6,069 units. Agro-
mak 's sales went up by 27 per
cent to 6,866 units, Deere’s by
16.4 per cent to 2,302 units and
the financially shaken Inter-
national Harvester's by 11.4
per cent to 3.029 units.

At the same time it expand-
ing its tractor production, Ford's
S450m programme to ipoduce
four cylinder engines, mostly
for export to the U-S. and
Canada, is scheduled to start
operating next year.

The engine plant, with an.
annual capacity of 400,000 units,
i s located in tbe state of Chia-
huahua near the U.S. border.

As with other major car pro-
ducers in Mexico, "including
Volkswagen. Chrysler, General
Motors and Nissan, Ford is
increasing its degree of local
content in order to comply with
Government requirements to
eventually match every dollar
of imports with a dollar of
exports.

These requirements to link
output to exports were intro-
duced in 1977 in an effort to
improve the car sector's contri-
bution to Mexico's worsening
balance of payments position
and to build a self-sufficient
motor industry.

The Government Is enforcing
it* requirements more strictly
this year because of a record
current account deficit of
Sll.Tbn in 19S1 and few pros-
pects for improvement this year.
National car output is to be
maintained at 19S1 levels.

; FT INTERNATIONAL BOND SERVICE

The list shows the 200 latest international bond issues for which an adequate secondary market
l exists. For further details of these or other bonds see the complete list of Eurobond prices which
» will be published next on Thursday April 15; Closing prices on March 24

u.s. DOLLAR

STRAIGHTS Inusd Bid Offer

Anheuser-Busch 164 ®8 100 1034 1034

APS Fin. Co. 174 e6 ... 60 1054 106

APS Fin. Co. 164 89 ... 75 1034104

Armco O/S Fin. 154 83 50 1004 1004

Auairaiian Ind. 134 S7 25 139 994

Baker Int. Fin. 0.0 82... 225 244 25

Bank Montreal 164 91 160 1034104

Br. Colum Hyd. 164 88 ICO 1034 1034
Br. Colum. Mia 17 97 54 10341034

Burroughs Int. 154 88... 50 101 1014

Canndair 154 87 150 1004 101

Can. Nat. Rail. 1«4 91 100 974 974

Carolina Power 164 89 60 103 1034

Caterpillar Fin. 164 86 100 103 1034

CFMP 164 96 ICO 10141024

CIBC 164 91 ICO 10441054

CIBC 16 87 100 1024 1034

Citicorp O/S 184 86... 160 1044 1044

Cons. -Bathurst 174 83 60 1024 1024

Con. Illinois 154 *9 ... 100 10241024

Dupont Q/S 14*i 88 ... 400 100 100**

Dupont O/S Cap- 0.0 90 300 344 344

EIB 164 81 100 1044 1054

Gan. Elac. Credit 0.0 92 400 264 Z74

Gen. Elec. Credit 0.0 93 400 234 234

GMAC O/S Fin. 164 84 300 101 1014

GMAC O/S Fin. 16 88 150 10141014

Gull Oil Fin. 0.0 92 ... 300 254 264

Gull States O/S 174 88 60 10441044

Japan Airlines 154 88 50 101 1014

Japan Dev. Bit. 1 54 87 50 1014 1024

Nat. Bk. Canada 164 88 40 10041014

Nat. West 144 91 100 99 894

New/ Brunswick 17 BB 60 1074 1084

New Brunswick 164 89 75 1024 1034

New B Lab. Hy. 174 89 75 1044 1054

Ohio Edison Fin. 174 88 75 1054 1054

OKG 154 97 50 9B4 994

Ontario Hyd. 16 91 (N) 200 103*. 1044

Pac. Gas & El. 154 89 80 1034104

J. C. Penney Gl. 0.0 PA 350 194 204

Quebec Hydro 174 19 160 1074 1084

Quebec Prov. 154 89... 150 99 994

R.J. Hynid*. O/S 0.0 92 400 244 Z54

Saskatchewan 164 88... 100 1034 1034

Saskatchewan 18 89 ... IS 102 1024
■ Staiaforetag 154 87 ... 50 994 994

. Sweden 144 88 150 954 984

> Swod. Ex. Crad. 164 93 75 1014 1024

' Texas Eastern 154 88... 75 10141014

Transcanada 16 83 100 1004 1014

' Winnipeg 17 85 50 1054 1064

' WMC Fin. 154 88 50 974 984

: World Bank 164 86 ... 130 104 10«-i

i World Bank 164 S8 ... ICO 104 1CM4

[ World Benk 154 68 ... 2S0 994 1004

Average price changes... On day 0 on

i DEUTSCHE MARK

- STRAIGHTS Isaus

* Australia 94 SI 300

* Australia 94 91 200

Belg electric 11 91 100

i Comp. Tel. Esp, 104 92 100

< Denmark 10 88 100

1 Oenmark 104 *2 100

- EEC 104 93 TOO

; EEC 94 9* 200

. EIB 94 S3 60

r Inter-American 104 91 100

.; Ireland 104 86 100

: Mexico 11 68 100

1 Ml. Bk. Dnmk. 10 s ! 91 100
' Nacni. financiers 11 90 150

Nat. West. 9, 92 TOO

New Zealand 94 89 ... 200

> OKB 104 91 150

7 OKB 94 86 1»

^ Quebec 104 92 150

; Quebec Hydro 104 PI... ISO
; Tauemautobshn 94 B 4 -.- 50

* Venezuela 114 91 100

ai nn

Issued Bid Offer
300 10141024

200 1014 1024

100 1034 1034

100 99 994

100 101 1014

100 1014 1014

100 1024 1034

200 10141014
60 1004 101

100 1044 105

100 1004 1014

100 1004 1014

100 10141024

150 994 9*4

100 103 1034

200 1024 1034

150 10?, 103

150 1004 1004

150 103 1034

150 1024 1034

50 101 1014

100 1004 1014

250 1034 103*.

■f. World Bank ID 91 250 1034 103*.

- Average price changes... On day +04

Change on
day week Yield
-0% -04 15.61
0 +04 15.31
-O*, -0>« 15.29
+04 +14 15.11
0 +0415.71
0 +04 16-01

— 04 +04 IS. 43

0 +0415.30
0 0 16.31

-04 -04 15.41
0 +0415.27
+04 +04 15.06
+04 +04 15.67
0 -0415-37
+04 +0416.33
0 +04 15.62
+04 +1 15.09
-04 +04 15.28
0 -04 16.77
-04 +04 15.10
+04 +0*. 14.39
0 -04 14.49
+04 +04 15.62
0 -0414.65
-04 -0415.66
0 -0415.74
+04 +1 15.53
0 +04 15.04
0 +04 16.28
+0*4 +04 14.89
+04 +04 14.83
+04 - 04 16-95
+04 +04 14.86
+ 04 +1 14.89
0 0 15.53

+04 +04 16-03
0 -04 16.03
+04 +04 15.86
+04 +04 15.11
0 -0414-80
+04 +04 18.48
0 +04 15.53
+0*. +0415.37
-04 -14 15.83
+04 +0415.31
+ 04 +04 15.44
0 +0415.89
0 +04 15.45
0 +04 16.06
0 +04 15.44

+04 +04 15.74
+ 04+0*. 15.03
+ 04 +1 15.92
+04 +04 15.04
+04 +04 15-35
+04 +04 15.20
week +0*i

Change on
day weak Yield
+04 +14 9.04
+ 04 +1 9.03

-04 +1410.38
+04 - 04 10.84
0 +04 9.74
+04 +04 9.92
+ 04 +14 9.63
+ 04 +flFj 3.53
+04 +04 9.60
+04 +14 9.48
0 +04 9.82
+04 +04 10.71
0 +0410.19

0 +0*i 11.09

+04 +14 9-32
+04 +1 9-17

0 +04 9.67

— 34 + 0-4 9.65
+04 +04 9.59
+04 +04 9.70
+04 +04 9.69

0 +04' 11.30

-04 0 9.42

on week +04

Change on

asuod Bid

Offer

day

weak

SO

t3B4

994

+0 4

+04

75

t974

974

+0*4

+ 14

65

1994

1004

+"4

+ 14

50

1103

104

+0*.

+ 04

20

11004

101

+04

-04

25

1974

984

0

0

50

11004

100%

+04

+ 04

18

92

934

+04

0

60

1004

1014

-0*4

+ 04

40

1044

1044

-04

+04

75

1054

1064

0

+ 14

60

10«4

1«»4

+ 0*4

+04

50

1004

1004

0

+ 04

50

105

1054

0

+ 1

400

894

B04

-04

-14

200

904

914

0

-14

20

944

954

-0*,

-0*4

20

864

874

—04

+ 04

15

904

9*4

+0*,

+ 04

20

944

954

0

+ 04

50

954

SB*.

-04

0

15

954

964

0

+04

50

934

934

+04

+ 1

25

«4

B74

+04

+04

12

92

23

0

+04

25

1004

1014

n

+«4

12

98

°9

+04

4-04

12

964

974

p

-04

20

964

974

-04

+ 04

500

9*4

F*4

+04

+1*i

600

924

934

+04

+ 04

OTHER STRAIGHTS
Can. Utilities 17 96 CS

CIBC 154 89 CS

Fancanadian 16*3 88 CS

Quebec 174 37 CS

Queb. Urban 164 86 CS
Tordam Cpn. 164 88 CS

Transalta 17 89 CS

U. Bk. Nwv. 94 90 EUA
Algemene B> . 104 36 fl
Amfas Group 124 86 FI
Amro 8ank 12 86 FI ...
Amro Bank 12 86 Fi ...

Pierson 104 88 FI

Rabobank 12 86 FI

OKB 14 86 FFr

Solvay et C. 144 86 FFr

Aeona 14 85 £

Beneficial 144 90 £

BNP 134 91 C

CECA 134 83 C

Citicorp O/S 134 90 £...
Fin. E r. Cre3. 13*4 85 £
Gan. Elec. Co. 124 89 £
Hiram Walker 144 86 £
Privatbanken 144 88 f...
Reed fNdl NV 164 89 £
J. Rothschild 144 90 £
Royal Trustco 14 86 £...
Swed. Ex. Cr. 134 85 C
Euroflma 104 87 LuxFr...
EIB 94 68 LuxFr ....

FLOATING RATE

NOTES Spread Bid Offer C. die C. con

Bank of Montreal 54 31 04 W»4 £+4 29/4 17 06

Bk. of Tokvo 54 91 (D1 04 W4 93410/6 134
Bk. Nova Scotia 54 93 04 *94 994 29'4 17.06

P=CF 54 88 04 094 1M4 26/4 16.94

BFCE 54 87 04 9941001,27/7 164

Christiania Bank 54 91 *04 8*4 994 5/5 16

Co-Ban Eurofin 54 91... 04 994 99414/4 16.69

Credit Nat 54 94 .. . *04 93 934 9/6 14.69

Denmark. Knqdm. or 92 04s 984 99 25/2 15.44
Den Norske Craif. 54 93 04 974 984 4/6 13.56

GonBnence 54 32 04 99*1 1004 30/6 154

GZB 54 92 HP* 99 994 8/6 14.94

Ind. Bank Jopan 54 88 04 98*. M : , 9/5 13.21

llovds Eurofin 54 93 ... §04 994 994 29/4 17.13

LTCB Japan 54 89 04 991, 59416/7 IS’1

Midland fnt. Fin. 9 91. . 0-4 M4 994 30/4 17 06
Nat. Bk. Canada 54 88 04 99*. 994 24/9 154

Nat. Wear. Fm. 54 91 .. 504 994 994 IS n 15.19
Nippon Credit 54 90 . . 04 994 99-', 10 /S 1S.06

Nordic Int. Fm. 54 91 04 984 W 6/5 154

Onshore Mining 54 91 04 994 994 2/6 13

Pemex 6 91 04 96 964 3/4 17

PKbankon 5 91 04 984 994 17/3 14',

Sanwa Int. Fin 54 88... 04 1*>4 **■*. 24 '3 174

Scotland Int. 54 92 .... 04 98

Sec. Pacific 54 91 04 98 :

Social® Generate 54 91 04 199
Societe Gcmorete 54 95 04 99

Standard Chan. 54 91 04 M
Sumitomo Fin. 54 83... 04 99 :

Sweden 54 89 04 PP :

Toronto Dormi'd 54 92 04

984 984 23 '9 154
98-, 9*>4 ra/5 134
"99 994 22/7 154

994 99-, 1/9 15.21
934 99 18/5 13.31
994 1004 9/8 16
PP4 R9»i.76/8 15.31
H9*. 1004 11/8 16',

Auorage price changoo... On day 0 on week 0

CONVERTIBLE Cnv. Cnv.

BONOS date price

Ajinomoto 54 96 7/81 333

Bew Valley Inv. 8 95 ... 4, ‘8123.12
Bridgestone Tire 54 96 3/82 470

Chg.

Bid Offer day

914 S3', +2 ,
9T- ; 894 -O',
W, 814 0

' SWISS FRANC
••• STRAIGHTS >*■“«

7 An sett Transport 74 92 50

" Asian Dev. Bank 8 90 80

Australia 64 93

rBelgeteemc 74 O 1 — -
-Bell Canada 74 93 - .. TOO
Bat. do AutOpiMM 8 9j> 50

4 Co-op. Denmark 34 32 25

-Denmark. 74 91 2$0

-EIB 7=, 92
. Ele:. de France 7 92 ...

' ENEL 8 92 44

•.■First -City. Fin. 84 92 ... 2S
.-Japan Air Linos 74 91 100
.—National Power Co- 8 92 30

■ Manitoba 7 92 100

Nippon T. and T. 04 92 100

, OKB 74 92

. Ost. Donaukraft 7 92 ... 100

• Oat. Poetspar 74 92 ... 100

: Quebec 74 92

Saint- Etienne 84 91 ■■■ *0

■ Soc. Lux. de CM. 84 92 80

' TNT O/S Fir. 8 91 ... JO
. Transcanada Pipe- 7 9* ICO

* Unilever NV 74 93 ... 100

! World Bank S 91 ICO

Change on
Issued Bid Offer day week ’
50 102 1024 0 +04

80 1034 1034 0 +04
100 10341034 0 -04

80 10041004 +04 +04

100 10S4 1054 +Oi 4 +04

50 100 100», -04 +04

25 10241024 0 0

100 1004 1004 +04 +14
100 1014 1014 -04 +04

TOO 1014 1014 -04 +04
44 1004 1004 0 +04

25 102 1024 0 +04

100 1044 1044 -04 O •

30 102 1024 -04 -04

100 1034 104 0 0

100 10241024 0 +04

100 1024 1024 +04 -0‘,
100 101 1014 -04 +04

100 1014 1014 +04 +04

IDO 1034 104 +04 0
20 1107 1074 “04 -04
80 10441044-04-04

SO 1044 1054 0 0

ICO 1024 1024 —04 +04
100 1074 1074 -04 +1

ICO 1054 IDS +04 ’+04

Canon 64 95

.. 1/81

829

874

894 +«4

9.72

Daiv/a Sacs. 54 96

. 12/81513.3

T63

M':

+ 04

-1=0

Fujitsu Fanuc 4-, 36 .

. 10/31 6TTQ

E8

89*,

-*-34

27.69

Furunawa Efoc. 54 96.

.. 7/BI

200

ro

91

-04

-8.17

Hinson 0/3 Fin. 9‘ 2 95 S/SI

1.36

IRE

89

0 -

-11.19

Hitachi Cabte 54 36 .

2/87

bib

8S4

904

+84

6.05

H-tachi Cred. Cpn. 5 95 7/81

1773

764

734

+ 24

12 90

Honda Motor 5-j 97...

. 3/82

8«1

75'.

77

+ 14

5.39

Inch ups 3 95

.. 2/81

4.55

152',

64

0

23.03

Kawasaki 54 56

. 9/31

229

65"s

674

+14

2.70

Marui 5 36

. 7/81

931

914

024

1?.3S

Minolta Cameras 5 96.

.10/31

909

63

W4

+ 14

19.30

Minorco 94 97

.. 5/3Z 8.16

187

384

-04

15.15

Mura la 54 96

.. 7/81

2190

584

FS4 +14

30.55

Nk'K 6*, 96

. 7/BI

7E3

764

7 74

-13. Si

Nippon Chemi-C. 5 91..

.10/81

919

t56

58

0

3.02

Nippon Electric 54 9*.,

.. 2/82

846

864

S34

+ 24

8.13

Orient Finance 54 97

.. 3/82 1567

Bfi'a

834

3.52

Sanyo Electric 5 96 .. ,

.10/87

652

71

■*4

+14

12.88

Sumitomo Elac. 5*. 97..

. 3/HZ

53S

7E ? <p

so--,

+24

— 0. J 7

Sumitomo Mat. 54 96..

.10/81

309

S64

67*-,

+ 2*,

15.27

Swiss Bf . Cpn. 64 90..

. 9/80

191

70

72

0

10.87

Komihiroku 6 90 DM ..

. 2/82

585

984

994

+ 04

-2.12

Mitsubishi H. 6 69 DM 2/S2

263

92

93

0

14.84

a »ai»* a ' “ - ’

Average price changes.. . On day 0 on week +04

' YEN STRAIGHTS
t Asian Dev. Bk. 64 97...
• Finland, Rep- of 84 8?
. Int.-Am*r. Dev. 34 9T
- Japan Airlines 74 87 ...
+New Zealand 84 87 ...

Change on

Issued Bid Offer day weak yield

15 1004 1014 +04 +04 8.13

15 394 1004 0 0 8.27

15 10V, 1024 +0-'. +04 S.S1

9 98 984 0 +04 8.32

15 1004 1014 +04 +04 8.18

.- Average price change*

as*. s - ...

On day +04 on week .+04

•No Information available — previous -day's price,
t Only one market maker supplied a price.

Straight Bonds: The yield is the yield to redemption cl the
mid-price; the amount issued ,s in millions ef currenc,-
units except for Yen. bonds where ■: .s in Sill.c-.s.
Change on week^Change over price a week earlier.

Floating Rata Notes: Denominated in dclfats unless ether-
wise indicated. Coupon shown is minimum. C.aW = Dc:s
ne>t couoon becomes effective. Spread “ Margin
six-month cifarad rate (t tnrea-monUi: § above mean
rate) for U.S. dollars. C.cpn=The current coupe,-..
C.yld=»The current yield.

Convertible Bonds: Dencminaiod In dollors unless ot.ier-
vnse indicated. Chg. day“Change on day. Cnv. dsls =
First data far conversion into shares. Cnv. pr.ee —
Nominal amount uf bond per share expressed :n
currency ol share at conversion rati fixed at issue
Pram® Percentage premium pi the currant oSScVre cues
oi ecouiring shares via the bond over the most recent
price of she shares.

Q The Financial Times Ltd,, 1982. Reproduction in whole
or in pert in any form net ptnnincd v/thcat wr'tton
concent, Dau suppfiod by. DATASTR5AM ln:orr.a:ional.

Three more
issues for
Eurodollar
bond sector

Bjr Alan Friedman

THE EURODOLLAR bond
market's attention shifted to
the new issue sector yesterday
as three fixed-interest bonds
totalling more than $225m
were launched.

Electricite de France
(EDF), the French state
electric utility, is raising
$100m through the Issue of
seven-year bonds with
warrants. The bonds cany a
finely priced coupon of 14f
per cent at 991, yielding 14.49
per cent at issne price. The
ex-market yield is much
higher.

Each bond carries a warrant
for the holder to purchase an
additional 14ft per cent bond
at par within the next 12
months. Societe Generate and
Merrill Lynch are leading the
issue.

Dealers were quoting prices
for the warrants of between
S19 and $21 last night, a level
which seems slightly on tbe
high side. In order for these
warrants to be useful to the
investor, interest rates most
fail sufficiently so that the
14} per cent coupon stands
oat as an attractive rate. On
the other hand, this analysis
may be too rational for what
is essentially a sweetener on
the EDF issne and a specula-
tive tooL

A $75m five-year issue is out
for Finland through Deutsche
Bank. The bonds carry a 15ft
per cent eoupon at 99ft to
yield 15^3 per cent.

The Oesterreichische Kon-
trollbank, which has a DM
150m offer at 9ft per cent
running in the Euro D-Mark
sector, yesterday came to the
dollar bond market with a
852.13m 10-year issue. The
specific amount relates to a
currency swap into Swiss
francs and the OKB coupon
is 151 per cent at par. Salomon
Brothers is lead-manager.

At the lower quality, higher
coupon end of the market the
8150m Banobras deal con-
tinues to sell slowly. The sell-
ing period ends today and
most of the paper will prob-
ably find a home at a discount
of lj to lft per cent

From Paris comes news of
a $4 00m financial package for
Caisse National des Telecom-
munications. A S200m floating
rate note offer is out through
Societe Generate with a
spread of ft point above six-
month London interbank
offered rate (Libor) on the
eight-vear paper. There is
also a S200m eight-year credit
with a spread of ft per cent
above Libor and reimburse-
ment in four equal instal-
ments over tbe last four years-

In the secondary market,
Euro-dollar bond prices were
mixed in moderate trading.
Fed funds headed well below
14 per cent to touch 13ft per
cent during the day.

In the Euro D-Mark sector
prices were up ft point on the
dav. Swiss franc foreign bond
prices were unchanged amid
market consolidation.

Crown Zellerbach's SwFr
100m issue was priced with a
fift per cent coupon at 100 J
to yield 6.68 per cent, An
issue for the Inter-American
Development Bank is being
organised by UBS at the
moment.

Tbe £100 in World Bank
bulldog bond was priced to
yield 14.15 per cent through
Baring Brothers. This means
a 14 per cent coupon at 99.53.
providing the 40 basis point
spread above the 13 J per
cent uartly paid Treasury
stock 1987 “A**.

© From ABN comes word
that Sweden's Fl 100m 10-
year issue had its coupon cut
from 11 to 10; per cent.
The price is par.

Owens-Corning
Fifcerglas sees
quarterly loss

By Our financial Staff

HOPES OF a recovery this
year at Owens-Corning Fiber-
glas. which depends heavily
on the currently depressed
North American housing
market, have received a set-
back with the board wanting
of a loss for the first quarter
of this year.

A loss of more than S2m is
likely in the first quarter,
com aared with a restated
profit of $10.5m. or 34 cents
a share, in the comparable
period. No indication was
given of sales levels.

In fiscal 19S0. Owens earn-
ings slipped from S1.7S a
share to S1.63.

Owens blamed the expected
loss on the weakness in such
major markets for the com-
pany as housing, motor
vehicles and other consumer
durables. It has reduced pro-
duction levels, and while
admitting that it cannot
expect satisfactory results
** until we are operating at a
higher level of production,"
coramenLs that it does no?
foresee such higher levels in
the second quarter of this
year.

A " vigorous " cost control
programme has been intro-
duced, and the board plans
to reduce capital spending to
below last year's $132. 4m.

Second-quarter deficit of GE Cr ? d f t

^ 7 . _ _ moves into

$28.6m incurred by AM international

BY RICHARD LAMBERT M NEW YORK

AM INTERNATIONAL, the
struggling U.S. office equipment
company, has reported further
| substantial losses for the
second quarter of 1981-82. Net
Josses in the three months to
January totalled 828.6m, taking
the loss for the half year up to
844.5m, or $4.34 per share.

The second quarter loss
includes a provision of 811m,
the result of writing down dis-
continued operations to their
estimated realisable value. In
the year to July 1981 AM
reported a loss of $245m, includ-
ing $203m of write-downs.

Mr Joe Freeman, who took
over as chairman and chief
executive at the beginning of
this month after the abrupt
resignation of Mr Richard
Black, said yesterday the com-
pany had incurred an operating

Dow Chemical
to cut spending
as earnings fall

Bjr Our financial Staff

DOW CHEMICAL. second
largest of the U.S. chemicaJ pro-
ducers, is reducing by 29 per
cent its planned, capital spend-
ing for this year. The Michigan-
based group disclosed in its
annual report to shareholders
that expenditure of less than
$lbn os planned for fiscal 1982,
compared with previous plans to
spend 51.4bn. In fiscal 19S1.
Dow spent Sl^bn on capital pro-
jects.

Last year, earnings fell from
$8 05m or S4.42 a share to
£5.63.5m or $3 a share, but some
Wall Street analjjfts have pre-
dicted an upturn to about $3.50
a share this year.

Mr Paul Oreffice, Dow's presi-
dent and chief executive,
blamed the setback in profits
on “ the most serious global
recession for many years in our
industry."

Dow, which now takes about
half its income from outside
the U.S., is highly regarded by
the U.S. investment co mmuni ty
for its research capability and
an aggressive capital expansion
in downstream chemical opera-
tions.

The company has also in-
curred expenditure in plans to
acquire its own supplies of oil
and natural gas. although in
1980 sales of such properties
brought in-$73.7m.

loss of $6m in the second
quarter. This compared with a
$Bm loss in the first three
mouths.

The preliminary indication
was that AM had reached break-
even in terms of operating
profit during the month of
February, Mr Freeman added.
Its R i nning and Vari typer oper-
ations had been profitable- in
both quarters, and losses in the
multigraphic .division had been
reduced.

However, AM is still In a
desperately frail financial ■ posi-
tion. The latest losses increase
the deficit on its shareholders'
funds to 342.9m, while total
debt now stands at $2 54m.

These figures mean that the
company had breached a num-
ber of loan agreements with

its bankers. This applies to a
3115m revolving credit agree-
ment with its domestic bankers,
the terms of which were
amended only last December,
and also to a number of loan
arrangements with non-U .S.
banks.

AM said yesterday that nego-
tiations with its lenders were
continuing.

The company has not re-
ported comparable figures for
the first half' of the previous
year. These are to be restated
bn the basis of a special
accounting review. AM fired its
previously quarterly auditing
firm. Price Waterhouse, last
December and replaced it with
Arthur Andersen.

Mr Black resigned this
month in order to pursue a $3m
law suit against the company.

Dome Petroleum profits
show sharp annual fall

BY ROBERT G1BBENS IN MONTREAL

DOME PETROLEUM, one of the
tap three energy companies in
Canada, reports net earnings
of C$l7S.3m (US$ 146.12m), or
80 cents a share for 1981 on
revenues of C$2.2bn. against
1980 earnings of C$287 ,2m or
C$1.20 a share on revenues of
C$Lltm.

The figures, however, are not
strictly comparable, as the 1981
figures include Dome's 52.9 per
cent interest in Hudson’s Bay
Oil and Gas (HBOC) for the
second half of the year, which
was attributable for much of
the increase in sales.

One of tbe main reasons for
Dome’s later acquisition of the
minority interests in HBGG last
year was to gain control of its

considerable cashflow in order
to service its debt estimated by
the company -at about C$3J3bn.

Group cash flow for 19S1 -was
CS369.7ni after preferred divi-
dends of C$20. 8m . against
C?21m.

Dome, like other Canadian -
energy groups, last year
suffered from higher interest
charges and Federal taxes on
oil production. Tbe gas liquids
business in . 1981 . also did not
fare as well as expected.

Dome went through a major
restructuring 1981, including
the separation of its frontier oil
and gas interests to a nor pub-'
lidy held subsidiary. Dome
Canada.

Imperial Oil exploration move

IMPERIAL OIL, 69.6 per cent
owned by Exxon, will be seek-
ing greater participation by
Canadian companies in resource
projects because of new Govern-
ment policies, according to
Imperial’s 1981 annual report
Mr D. K. Mclvor. company
chairman, said that the future
of Imperial, Canada’s biggest oil
company, could be marked by
sustained growth if it learned
to adapt to the new Canadian
political and regulatory trends..

Imperial’s wholly-owned unit,
Esso Resources Canada, would
be farming out some of its ex-
ploratory lands in the Beaufort
Sea, Mackenzie Delta in Nor-
thern Canada, and in offshore
areas of Atlantic Canada.

In January, Imperial reported
net earnings for 1981 of $465xn.
or $2.96 a share, on revenue of
£S.19bn. compared with 1980
figures of S682m, or S4.71, on
revenue of $6.35bn.

Reuter ...

By William Hall,

Banking Correspondent

GENERAL ELECTRIC Credit
Corporation <GECC), the big-
gest equipment lessor in North
America, is moving into the
international market

GECC, which, has assets of
S12bn and is a wholly owned
subsidiary of General Electric
Company of the UJS., has
appointed Marine Lendlease
(UK) as advisors and plans to
move into the international
equipment leasing market, in-
itially specialising on ships.

In the U.S., GECC owns close
to 3m dwt of ships, making it
the largest owner of U.S. flag
ships, and 130 commercial air-
craft. which puts it amongst the
seven largest fleets.

In 1980 GECC purchased
51bn of transportation equip-
ment and S1.6bn last year. This
side of its business accounts for
17 per cent of the group s earn-
ing assets and more than 25
per cent cf net income which
last year totalled 8142m..

However, the growth in the
U.S. equipment financing mar-
ket has slowed down consider-
ably recently partly because of
regulatory changes. .There, is
considerable uncertainty about
the future direction of U.S.
maritime policy currently and
GECC believes that this will
curb the growth of the U.S. flag
fleet

Mr Ken Rusterholz, vice
president and manager of
GECC's transportation oper-
ation. said in London yesterday
that the company had set up a
small task force to investigate
the possibilities in the inter-
national market,. ”We have: a
U.S. mar ket which we feel does
not provide growth opportuni-
ties. so we are looking
overseas."

GECC's move is likely to in-
crease competition in the inter-
national equipment financing
market. Mr Rusterholz sadd
yesterday: “We want to be
number one or two in every
product or service we provide."

GECC has no plans to open a
London office and has entered
into a consultancy agreement
with Marine Lendlease. Mr Arie
Shapiro, managing director of
the latter company, headed
GATX’s ship finance and dry
bulk shipping operations in
Europe until 1980. and Mr Saul
Marias, formerly chief execu-
tive of Greyhound and Finan-
cial Corporation AG. and now
a director of Marine Lendlease.
will also play an active part.

The new Reiite r Money
DeaJing Service gives you, on
your Reuter screen, dealer-to-
dealer contact within four
seconds.

• . But if you use telephone or
telex, it may take you 30
Secbnds to get through. On an
active day Cable may then have
moved 1 8 points; and on a
£1 million deal that could have
costal 800.

i he Reuter Money Dealing
Service, launched on 23
February 1981 , already links
more than 200 banks in 26
business centres:

London - New York -Boston

- Chicago - Detroit - Toronto -
Amsterdam - Rotterdam -
Brussels - Luxembourg - Paris

- Zurich - Geneva - Lugano
Lausanne - Frankfurt -
Dusseldorf -Stuttgart-. -
Munich - Hamburg - Bochum -
Vienna - Helsinki - Oslo - : . _
Dublin - Milan.

Other countries will be on
line shortly, including centres inf
the Middle East and. Far East.

To: The Market Manager, Dealing
Reuters Ltd
85 Fleet Street
London EC4P4AJ

□ Pease send ms further information or. the
Reuter Money Dealing Service

□ Please arrange for me to attend a

demonstration

lany/lnstitulion

Telephone number

— FT

j

... . an* -iV — ' i-' :

^araroarant^peEisssaiTBtootrecortOT^.

F5flancial Times Thursday March 25 1982

INTERN ATIONA1 COMPANIES and FINANCE

The Federal Republic of Nigeria

DM 160,000,000

Medium Term Loan

Andrew fisher, recently in Helsinki, reports on a flourishing Finnish shipbuilder

Wartsila turns paradox into profit

io finance adciSona! wonts and senses Si comecGon
v,iin the Cbfiogbo Steel Rolling Mill

Managed oy

Chemical Bank International Group

Commerzbank International S A

Provided cy

[ Chemical Bank

GommeftoanklntemationdlSA

BFG: Luxembourg SA.

DG BANK International

SQe£f6Ar»nyme

Sotetfc Anonyms

VUestLB Internationa/ SA

BanqueEuropOennedeCreditfBKg

Credit Lyonnais

N0RQ/L3 Nordtieutsctie LandesbanK

Nederiandsche Mfddenslandsbank NV.

LuxemboungSA,

. Agent

Commerzbank International SA.

A

December 198!

BUNZL CORPORATION

(a wholly- owned subsidiary of
Bunzl Pulp and Paper, Ltd.)

has acquired

E. Greene and Company, Inc.

(a wholly-owned subsidiary of
Saxon Industries, Inc.)

WARTSILA, the leading Fin-
nish shipbuilder, has turned
parades into profit by simul-
taneously building luxury cruise
'ships for the capitalist West
and functional ice-breaking
ships for the Soviet Union.

By -winning this year an order
worth more than 3150m from
P & O Cruises of the UK for
tte world's most expensive
cruise ship, it demonstrated the
successful lengths to which it
had taken specialisation.

Other shipbuilding countries,
including Britain, have been
impressed by the way in which
Wartsila and other companies
in Finland have applied
sophisticated planning tech-
niques aided by computers and
skilled design work.

This in the end was what
swayed P & O in its decision to
build in Finland rather than
elsewhere. Denmark was closely
is the running, with France
not far behind. Swan Hunter
is the UK could have built the
ship, but not so quickly or
cheaply.

Wartsila,. concentrating on
tailor-made ships rather than
straightforward cargo series,
relies heavily on new produc-
tion methods and skilled organi-
sation. It now has a shipbuild-
ing order book of nearly
. FM Stan ($1.74bn).

Although the Helsinki yard
has been in the news through
the valuable P & O order, the
biggest placed by the company,
the largest part of Waxtsiia’s
order .book is being constructed
at the Turku yard and the
nearby modern Pemo facility.

Turku is on the south-west

coast of Finland, almost three
hours train ride from the capi-
tal. It has an order total of
some FSI 5hn, of which half the
tonnage is being built far the
Soviet Union.

“We are fully booked until

Venezuela, as well as a small
cruise ship for Iraq.

Wartsila, like other. Finnish
builders, was prevented from
going down the big tanker
route, which spelled nrin for
many world yards after the oil

pouent. . , .

Each Of the Arctic ships being
built for the Soviet Union,
designed to wurjc in conditions
as coJd as minus 50 degrees
Centigrade, will be equipped
with an air cushion vessel,

? 4 O's costly new cznise ship
will he knows as yard No. 434
at Wartsila’s Helsinki ship-
yard until the UK group
comes np with a nan^ it
reckons will be equitable for
the American holiday market.

At the moment, No. 434 has
a long way to go before It.
moves off the drawing board
and out of the planning stage
on hs way to becoming a
glamorous cruise vessel. An
immense amount of planning
has yet to be done by Wartsila
and P & O’s own bnflding
team. St21 being completed.

In Helsinki is the Song of
Ameriea due to dart sendee
in December for Royal Carib-
bean Cruise Line of Norway.

To many people, cruising is
an anachronism or a
dream. Either way, it makes
for an expensive holiday. Bat
enough new ships are on
order in various yards to show
that operators see sizeable
profits ahead.

The hope at P & O Cruises
is that the market in the UJS.,
especially from the West
Coast, wffl have regained
enough buoyancy by late 1984

to justify its new luxury
floating hotel.

Since P & O has options to
build more ships at Wartsila,
the Finnish company also has
a dose interest in the future
of the cruise business. The
order is the biggest tor one
ship ever placed in Finland. :

One key attraction tor
PftO, apart from keen price
and delivery terms, is the low
fuel consumption offered on ■-
the ship. Wartsila will install
engines built by It under
licence from France's Ptel-
stiek

the end of 1984,” said Mr Per-
Erik Sandman, vice managing
director of the Turku yard.
Its orders were considerably
swelled last autumn when 17
ships were ordered, mostly by
V/O Sudoimport of the Soviet
Union.

Its Soviet orders include nine
multi-purpose cargo vessels
specially strengthened to wih-
stand Arctic conditions, four
supply ships, three complicated,
crane ships, and .dredgers.

Also on the order list are two
medium-sized tankers tor Neste
of Finland, three multi-purpose
ships tor Lief Goegh of Norway,
and two liquefied petroleum gas
(LPG) ships for Maravan of

crisis, as much by lack of money
as by foresight.

It sport FM 400m on the
Perno yard, five miles from
Turku, and is now investing
another FM 170m. Perno, opened
in 1976, is -Bros one of the most
modern yards in the world. Soon
not only the huh construction
bat also toe final outfitting will
be done there, leaving Ttirku
with repaid business.

What Wartsila blandly calls
its “new thi nking " will be put
fully into practice here, as
whole engine room or cabin
units (macromodules as they
are termed) are lifted straight
into the ship instead of being
installed component by com-

another name tor a hovercraft -

A few year® ago, when ship-
building was in the depths of a
worldwide recession, the yard
had to lake orders for domestic
ferries at a loss as part of
a Government-subsidised pro-
gramme to provide business.

But the present full order
book, unaided by sufiisidies,
shows how Wartsfila. has. bene-
fited from its decision : to
specialise. The company first
began to make-passenger ferries
in toe early 1960s and bunt
on its expertise to expand into
cruise ships.

The Helsinki yard, however.
as well as building for the cruise

market is also weH to the fos%
in icebreakers, of which it has
built 44 altogether and tax
another 10 on order for u#
Soviet Union.

The yard also bufil the larger
and fastest passenger car fetxy
toe Kmyet, which goes froa*
Helsinki -to Travemunde • $*
Germany, bunting vast antonm*
of fad in the process,

In all, Wartsila has 16- pip.
totype ships either being befit
'or on order at its various yard*
a dear indication of. bo*
specialised it has become, - a
brand new icebreaking labors,

: tory will open i& Helsinki pest
year.

Wartsila also makes engines,
industrial porcelain, glass and
pottery consumer goods, and
locks. Shipbuilding sales last
yeas* accounted for FM 1.9bn
of total group turnover of
Rff S.lbn which was up by
more than 17 per cent

For toe shipbuilding dM*
slou, this was a rise of 13 per
cent. Wartsila has already
announced that net earnings
rose- from FM 19m to nearly
FIT 29m in 1981 and a higher
dividend and & rise in stare
capital.

. [Without toe Soviet business,
with oil a key element fat fte
twoway trade, Wartsila wouW
have- a less stable base for its
thrust- into toe cruise market
Sandwiched on toe Helsinki
yard's order list between the
Song of America curia* ship
and toe latest one for P & 0
are as many as Msfijps for toe
Soviet Union phis air cushion

We acted as financial adviso r to

Bunzl Corporation

in this transaction.

Weakening demand halves
earnings at Electrolux

Matra wins better state terms

8Y TBtRY DOOSWORTH IN «W*S

BY WESTERLY CHRISTNER IN STOCKHOLM

CITICORP ' ~

^INTERNATIONAL GROUF

Merchant and Investment Bankin g Services

©

January, 1982' • \

ELECTROLUX, the Swedish
household appliance group,
reports 'a sharp decline in
profits for 1981 — its first set-
back since 1975.

Profits before tax and cur-
rency losses have virtually
halved from SRr lira to SKr
508m (387m) in the face of
weakening demand and rapidly
rising financial charges.

This advertisement cornp&rs with the requirements of die Council tf77te Stock Exchange.

U.S. $45,000,000

Pacific Gas and Electric Finance Company N.V.

( Incorporated with limited liability in the Netherlands Antilles)

15 Vz% Guaranteed Debentures Due 1989

Unconditionally guaranteed as to payment of .
principal, premium, if any, and interest by

Pacific Gas and Electric Company

( Incorporated in California ) •

. Despite toe setback, how-
ever, toe directors yesterday
recommended lifting the divi-
dend to SKr 8 a share from the
SKr 7.50 of 1980 for a total
dividend cost of SKr 203.6m,
against SKr 185.9m. Adjusted
per-share profit declined to SKr
9.80 from SKr 19.05.

The poor result, which was
dearly signalled by Electrolux
I in December, was attributed to
dampened demand in Western
Europe and to the weakening
1 of the US. economy, notably
in the latter part of last year.
The company said yesterday
. that continued weakness in the
Swedish building industry led
to a decrease in demand for
household appliances and build-
ing products.

Group net fi n a n cial charges
soared to SKr L2bn last year
from SKr 725m in 1980 as a
result of high interest rates and ,
toe increased borrowing neces- 1
saiy to finance stocks and
company acquisitions. In recent
years Electrolux has expanded
strongly through acquisitions.

By . selling hydroelectric
power plants to toe state power
board and other buyers, how-
ever, the group secured an
extraordinary credit of about
SKr lbn.

SHAREHOLDERS in Matra, the
French arms and high techno-
logy group, have wrung sub-
stantially improved nationalisa-
tion terms out . of the
Government

• The 48 per cent increase in
the compensation payment from
FFr 1J215 a share under the
original agreement to FFr 1,800
($288). represents a com-
promise between what share-
holders were demanding in a
court action last January, and
what the Government ' was
prepared to pay.

Protests by a vociferous share-
holders’ group were sparked off
by' the Constitutional Council
ruling wSicfa increased toe

amount the Government had to
pay to take over most of the
companies on the nationalisation
list.

Although only 51 per cent of
Matra is being acquired by toe
state, under .a private deal
agreed outside parliament,
shareholders claimed, they had.
the right to similar treatment.
A price of around FFr 2,800 a
share was put on the company
according to some calculations
bzised on the other compensa-
tion terms.

From toe start; the Govern-’
ment made it dear'that it was
not willing to be pushed as far
as . some Matra . shareholders

were demanding, while, toe
Left wing of the Socialist Party
advocated a full-scale takeover
if negotiations failed. The com-
pany itself said that it wanted
to 11 stay within the framework
of the October agreement with
the Government. This involved
a two-part deal, with a capital
-increase -reserved for toe State,
followed by a bid for current
shares at the premium price;

This format for the - -take*
over has been followed in the
new deal, with a state-reserved
capital increase at FFr 1,625 a
share being followed, by a
partial bid for current shares
worth FFr 3*800 each.

issue

BY OUR PARIS STAFF

The following hone agreed to sabsmbe dr procure subscribers fox the'Debentures:

Credit Smsse First Boston limited

Profit increase
for Italian

INTERTECHNIQUE the

French high technology mini
computers to aerospace equip-
ment group, is planning a rights
issue after increasing consoli-
dated profits by 37 per cent last
year to FFr 38.6m ($6J2m).
Terns are oneforseven at
FFr 480 a share to raise FFr
30m (34.8m).

The company, one of the '
fastest growing concerns in its
sector in France, is SO per cent
owned by the family interests
of M Marcel Dassault, founder

of toe now-nationalised- Dass-
aidt-Breguet aircraft' manufac-
turing group. It ' increased
turnover last year from
FFr 579m to FFr 702m, while
cash flow rose from FFr S8m
to FFr 43.1m.

The capital increase will
form part of a growth plan
agreed with the Government to
develop the compaifr’s activities
in the office equipment .market
Under this project, the com-
pany is to receive FFr 85m of
state aid, of which FFr 61m will

be in .toe form of subsidies and
FFr 24m in subordinated loans,
in return for investing FFr 418m
over the next four years. '

At toe same time, the com-
,pany has to achieve specific
sales growth targets of 40 per
cent a year, while increasing
employment, expanding its
capital base, and reinvesting a
certain proportion of profits
over the 1981-83 period. It is
scheduled to start a new plant
in the Montpellier region
employing between 359 and 400

Algemene Bank Nederland N.V.

Banqne Internationale a Luxembourg S-A.
Berliner Handels- and Frankfurter Bank;
Credit Lyonnais

Bank of America International limited
. . . Banqne Nationale de Pats
County Bank limited
- - Daiwa Enrope limited

soap group

By Our Financial Staff

Dresdner Bank AktiengeseUsdiaft Kleinworf, Benson Limited " Krediethank N.V.
Samuel Montagu & Co. limited . Swiss Bank Corporation International limited

Union Bank of Switzerland (Securities) limited

The issue price of the Debentures is 100 per cent. The Debentures have been admitted to the Official list by the
Council of The Stock Exchange, subject only to the issue of the temporary' global Debenture.

Interest is payable annually in arrears on 1st April, toe first payment bring made on 1st April, 1983. *

Fall particulars of the Debentures are available m the ExttI Statistical Service and may be obtained during usual
business hours up to and including 8 th April, 1982 from the brokers to the issue:

Cazenove & Co*
12 Tokenhouse Yard,
London EC2R7AN

I MIRALANZA, the leading.
Italian maker of detergents,
i soaps and other chemical pro-
ducts, increased net profits to
I L1.59bn (81.22m) in 1981 from
L454m a year earlier. The
directors plan a L500 dividend
per share, against L400 pre-
viously.

Turnover rose to L238.5bn
from L205.1bn with exports i
moving up by 43 per cent to
L20.4bn,

A L6.5bn issue of convertible
bonds is also proposed. The 54
year bonds will have a coupon
of 14 per cent

Miralanza is controlled by the
holding company of toe Bonomi
family.

Joint venture activities
give BAH sharp boost

BY DAV9D HOUSEGO IN PARIS

Steady rise
in Swiss
banking assets

A SUBSTANTIAL expansion of
joint venture activities whh
Arab partners helped fifit profits
by 73 per cent last year at
Banque Arabe et Internationale
dlfivestissexnent, itoe Paris-based
consortium controlled by Arab
institutions and ‘Western banks.

Net earnings rose firomj
FFr 20.4m to F5k 35.4m
($5.66m) after a 26 per cent
increase m. profits in 1980. The
group also benefited from
increased profits on securities
dealings but witnessed a down-
turn in toe vrthnne of its tester

of credit business.

The bank says toot toe
creation of several new joint
ventures has substantially
widened toe scope of its opera-
tions. • Arab Finagnadn Agri-
business was set up to trade
in agricultural commodities in
toe Middle East and construct
agricultural plants.

As partners with toe Sheraton
Hotel group and Arab Investors,
toe bank la u nc hed the opera-
tions of Aimar Investment Hofei
Corporation with toe buying of
a luxury bate! in Rome. .

By Our- Zurich Correspondent

25th March, -1982

More Siemens Swiss funds pay more

losses on parts BY JOHN WICKS IN ZURJGH

SCHRODER, MONCHMEYER, HENGST

BONN — Siemens AG's com-
ponents division will remain
loss-matting- in toe year to
September because of general
market stagnation, Siemens ,
said.

Turnover In communications
and data systems will increase
in the year, but weak demand
in other microelectronic sectors
means Siemens cannot be con-
fident that the division's sales
overall will list Reuter

HANDELSBANK NW, a Zurich-
based affiliate of' the UK's
National Westminster, banking
group, announces increased divi-
dends for its two international
jnvsrtment funds Bondwert and
UniwerL

In the financial year ended
January 31, the Bondwert Fund
fox fixed-interest investments
recorded “unusually high in-
terest income," net earnings per
unit rising to SwFr 9.0L

The dividend per certificate,
of which the issue price stood
at SwFr no at the end of the
fo agchd year, is to be increased
from SwFr -6 to SwFr' 7.

ifte Uniwert mutual fund'
dividend has been raised from
SwFr 3.30 to SwFr 3.60 per
certificate from net income
totalling SwFr L03m, Major
holdings of toe SwFr 19.7m
total portfolio were in viSn,
Swiss and Japanese shares, ; . j

THE COMBINED balancetoefit
total of Switzerland's 71. report'
ing banks rose by 14.8 per cent
last year to . a -record
SwFr 428.8bn (?226.9bn).

according to toe Swiss National
Bank.. In previous yearn, these
banks have accounted for rather
more than three-quarters of.
total assets of the country's
banking system. -
. The National Bank points oat
that toe sharp rise in the 19S1 .
figure was due partlaQy to toe
new rule by which precious-
‘ metal accounts must be in-
cluded in balance toeefes. With-
out these, toe increase would
have been one of only 9-3 per
coat, compared with a 105 per
cent growth rate in the jxwtoaB
year.

Not Included In tadamtf
sheets are toe backs’ substan-
tial fiduciary necounte. ISws®
rose by 28.3. per cent last year
to SwFr 6&2hn. Of thwe M*
fiduciary funds, almost two*-
thirds originated outside
Switzerland. As in previous
years* they « were invested
almost entirely daroikd.

Philips expects modest growth this year

BY CHARLS BATCHELOR IN BHDHOmi

BallmdammSS . 6030 QSEDha^KaBQEfraBerTS 25cBaflevmxlEoy^

Ta406S)2179^l2- 4152835 snft .. ^^(^2)28661,^24^52^1

PHILIPS, toe Dutch electrical
group, expects. profits to show
l only a gradual improvement in
19S2 though stronger growth is
forecast for 1983 when toe im-
pact of cost-cutting becomes
apparent

Volume sales will this year
-rise by about 3 per cent the
same rate as in 1981. Last year
net profit improved by only
R 12m to FI 357m (135m) on
sales which were 16 per cent
higher at FI 4?.4bn.

The comparers performance
in the first three months of the
current year was in line with

expectations, said Dr ”Wfcse
Dekker, toe Chairman.

Philips expects to shed a
further 10,000 to 15,000 jabs in
Europe this year as part of its
plan to streamline production
after reducing its -worldwide
workforce by 19,600 to 348,100
in 198L

Philips also, expects to make
further substantial investments
in 1982 in new production
technologies, and in renewing
and expanding its product
range after capital spending of
FI 2.63bn 'last year. Investments
wSl be 20 per cent higher than

depredation.

Major mew products include
toe audio compact disc, which
wdE go on sale eariy next year:
and a video . recorder /camera
On whidh a basic standard
agreement was recenfiy reached
with a number of Japanese
manufacturers- Philips is' also
developing modular systems for
borne video and audio products.

The company is currently
doubling capacity for ite V200Q
video cassette recorder to un
parts and toopes to secure
between 20 per cent and 30 per
cent of the European market

tHrisyear. 7 .

.Mips ;fc fttimptiiie;: Jf'
seduce ns financing <so®*>
whfch rase to

from F! iJton ibi 1980; aakL ^
Jan Zantmto,. finance director.
It is cutting stock levels aa*
defers cracfitB nadt .jalagmg
new spending. cfoser foto‘3** 1 *
with depredations. - . V :

. ...High financang casts, preBW**
on ma rgms a nd toe eas t of to*

ever. P8 * ,

am

Financial Times Thursday March 25 19S2

Companies
and Markets

INTL: COMPANIES & FINANCE

APPOINTMENTS

33

Mitsui & Company makes
Y40bn Iranian provision

BY CHARLES SMITH, FAR EAST EDITOR IN TOKYO

MITSUI & CO. the major
Japanese participant in the lU-
fated Bandar Khomeini project
in Iran, has decided to allocate
Y40bn (SI 63m) to a special re-
serve fund to cover losses on
the project.

The transfer will form part
of Mitsui's settlement of
accounts for the business year
ending March 51 and will be
formally approved by a share-
holders’ meeting in June. The
company also plans to cut its
dividend from Y7 to Y5 per
share.

Mitsui & .Co is the most
heavily involved of five mem-
ber-companies of the Mitsui
group in the S3 bn Bandar Kho-
meini project which was origin-
ally designed to produce
petrochemical products from
natural gas burned off from the
oil fields of Southern Iran. It

has long si nee ceased to be
viable as a result of political
upheavals, war damage, and
prolonged delays in the con-
struction timetable.

The company has been
attempting to withdraw from
the project and to claim com-
pensation for its losses from a
Japanese Government insur-
ance fund. It has been hindered
by an apparent reluctance on
the part of the Government to
meet its compensation demands
and by the fact that ^ Iran con-
tinues to .press strongly for
early completion.

Mitsui & Company's overall
exposure to Banda Khomeini
has been estimated at Y207bn
including loans, loan guaran-
tees. and the value of a 60 per
cent equity stake in the Iran
Chemical Development Cor-
poration. the Japanese company

which owns a 50 per cent stake
in the project. Press reports
have suggested that all but
Y50bn of this amount is theore-
tically recoverable from the
insurance fund but actual
reserves available for meeting
claims on ihe fund however are
believed to fall for short or
YlSObn.

The Bandar Khomeini prob-
lem entered a new phase in
February w'hen payments began
to fall due on the principle of
loans extended by Japanese
banks and the Japanese Govern-
ment to the Iran Japan Petro-
chemical Company, the joint
venture company in charge of
the project. IJPC is believed
to have made some payments on
schedule but to have defaulted
on others forcing the Japanese
participants in the project to
meet its obligations.

Henderson
Land on
target

By Robert Cottrell in Hong Kong

HENDERSON LAND Develop-
ment. the p u hi icly-q unted arm
of the Henderson Development
group, one of Hong Kong's
largest properly developers, has
reported an interim profit after
tax and minority interests of
HK5317.32m iUSS54.7ml. U
said it is nn course for the
HKSBOOm full-year profit, which
was forecast when ihe company
- was floated last July.

The half-year to December
also saw an extraordinary gain
of HK-S4Sm. Earnings per fully-
paid ordinary share were 27
cents. A first interim dividend
of 12 cents per fully-paid share
and 5 cents per partly-paid
share was distributed in
December. The board now pro-
poses a second interim
dividend, in lieu of a final of
nor less than 2D cents per fully
paid share and 12.5 cents for
partly paid shares, to be
announced in June.

The bnarrt said that with
HlvU.lhm of retained profits
brought forward, total attribut-
able profits at the year-end will
top HKSBOOm. Major develop-
ments are said to be progress-
ing as planned, while the group
says its forward properry sales
have held an acceptable level
since its sacs are for the most
part well-located.

The interim statement also I
points to a high level of group |
liquidity available for new site
and investment opportunities.

Hong Leong completes
Grindlays acquisitions

HONG KONG — Hong Leong
Overseas, the Singapore-based
financial group has completed
the acquisition of Grindlays
Dao Hen? Bank and Grindlays
Finance from Grindlays Bank of
the UK, Reuter reports
Under The . agreement
announced last month the price
was US$iS5m. Grindlays Bank
paid last month the sale of the
Hnng Kong retail banking and
finance subsidiaries will produce
a £35m surplus over December
31 book value.

Japan delays start of
foreign CP and CD sales

BY RICHARD C. HANSON IN TOKYO

THE START of sales of foreign-
issued commercial paper (CP)
and certificates of deposit (CD)
in Japan apparently will be de-
layed beyond an original April
I target date. The delay is be-
lieved to partly reflect official
concern over the impact of ad-
ditional capital outflows on the
currently weak yen.

The Ministry of Finance has
yet to inform banks and securi-
ties houses of guidelines for
CP and CD sales, which will
be made possible by a change
in the law on April 1. Authori-
ties have wrestled for several
months with the question of
how free such transactions
should be. Though officials
deny a direct link to foreign
exchange factors, private in-
dustry observers believe the
yen’s recent weakness to be a
major reason for delaying a
final decision.

The Ministry has also
remained vague over when
sales in Japan of zero coupon
Eurobonds will be allowed to re-

start. Earlier this month, the
Government told underwriters
to slop after Japanese investors
rushed to buy $780ra worth of
Ihe bonds in February alone.

Concern over the exchange
rate is certainly not the only
factor behind the Ministry's
hesitation on allowing CP and
zero coupon bond sales.

Officials. however. are
clearly frustrated by the current
weakness of the yen (and per-
haps even more so by foreign
criticism of its yen policies).
Finance Ministry officials place
the blame directly on high U.S.
interest rates, which have
attracted Japanese investors
and siphoned off overseas capi-
tal which a year ago was still
pouring into Japan. The j
reaction io the apparently

widely held view in Europe and
the l'.S. that Japanese policies,
especially on interest rates, are
aimed at purposely weakening
the yen (to promote exports)
is becoming increasingly
angry.

Extraordinary gains boost
China Underwriters

BY OUR HONG KONG CORRESPONDENT

CHINA UNDERWRITERS Life
and General Insurance, a Car-
rian group subsidiary, reports
that after tax recurring profits
fell by 43 per cent in 19SI to
HK$4.68m f USSSQ6.000 ) from
HK?S.3m in 1980. But an extra-
ordinary gain on the sale of
certain non-insurance invest-
ments. principally interests in
Sealion Hotels and Lee Sang
Estates, boosted the final 1981
results by HKS215.9m to
HKS220.6m.

The board recommended a
final dividend of 3.5 cents per
share, plus a special cash divi-
dend of HKS2.965 per share. The
final dividend follows an interim
of 2.5 cents and special interim
of 5 cents. Adjusting for
October's bonus issue, the year's

Marginal
increase
for Kirin
Brewery

By Yoke Shibata in Tokyo

KIRIN BREWERY, Japan’s
largest brewery wirh a market
share of 62.7 per cent, lifted
its unconsolidated operating
profits by 6.4 per cent to Y45bn
i ($lS4m) in -the year ended
| January 31.

Net profits rose by 5.7 per
cent to Y20.13bn on unconsoli-
dated sales of Y984.Sbn
($4.02bni. up 15.1 per cent over
the previous year. Profits per
share, were Y25.24, against
Y29.54.

Beer sales volume increased
by 3 per cent to 2.89m kilolitres
— compared with the industry’s
growth of 2.3 per cent — because
of Kirin's marketing of draught
beer in two litre and three litre
aluminium containers and its
introduction of light beer.

Higher selling prices follow-
ing the beer tax rise in May
lifted the value of beer sales
by 15.5 per cent to contribute
92.7 per cent of total sales. The
company raised iis beer market
share to 62.7 per cent from
62.2 per cent in the previous
year.

The company gained full con-
trol of the Australian malt
company KBB Malting in the
year and bought Salem Coca
Cola of the U.S. through its
half-owned U.S. company KW
Incorporated. Kirin will acquire
lota) otvnerehij? of KW in
September.

Costs grew faster last year
than revenues — by 13.5 per cent
-against 15.1 per cent. This
however, was covered by an
improvement in the company’s
financial balances. It reported
net financial income for the
first time of Y2.4bn, against
the previous year's net deficit
of Ytilra because of funds pro
vided by a shares issue in July
The company is not expecting
a rapid recovery in consumer
spending in the current year
but sale volumes of beer and
suti driuks are projected
grow by 4 per cent and 6 per
cent respectively. Full year un-
consolidated sales are targeted
at Y 1.064 bn. up 8 per cent, and
operating profits are expected
to increase by 22 per cent to
Y46bn.

Net profits are forecast to
drop by 5.6 per cent to Y19bn
however, as a result of
Yl.fibn amortisation fallowing
the introduction of a new
pension system.

ordinary dividends total 6 cents
per share, pi us H KS3.U 1 5 in
special dividends. The previous
year saw an adjusted 3 cents per >
share dividend, wilh no special i
distribution.

The board has also proopsed j
a one-lor-one scrip issue, though
shares recently issued to Carrian
Holdings for property interests
will not qualify for the scrip or
final dividends.

Additional extraordinary pro-
fits from the sales of Lee Sang
Estates will be realised in 19S2.
The China Underwriters board
says its policy is to increase re-
current income from stable in-
vestments, and it expects to
maintain the ordinary dividend
in 1982.

Higher profits
and scrip issue
from OCBC ‘

By Gcorgie Lee in Singapore

OVERSEAS CHINESE Banking
Corporation (cCBCi. one of the
big four Singapore banks, has
reported a 2S.6 per cent rise in
group post-tax profit to $$121.26
(l r .S.$57mj for the year i-mled
December. It is to make a two-
for-llve scrip issue.

The board has proposed final
gross dividend of 8 per cent and
a bonus gross dividend also of
S per <*»nL This briugs the
total dividend payment for the
year to 21 per cent on its
existing capital of S-S294.ini
already enlarged last year by a
one-for-five scrip issue and a
one-for-tive rights issue.

Weekly net asset value

Li ^ Tokyo Pacific Holdings (Seaboard) N.Y.

2 on March 23rd 1982. U.S. $ 54,04
Listed on the Amsterdam Stock Exchange

Information: Pierson, Heldn'ng & Pierson N.V„

Herengracht 21 4, 1016 BS Amsterdam.

YONTOBEL EUROBOND INDICES

US.76

= 100%

- PRICE INDEX

23 3 32

16 3 S2

AVERAGE YIELD

23 3 82

16 3 32

93.71

33 02

DM Bonds

9.49i

3 627

93.W

97.60

H C L Bonds 6 Nnrai

10.342

10 423

U.S. S Srri. Bonds

37.33

87 82

U.S. S Stn Bnnds

14 200

14.207

Can Dollar Bonds

90.05

90,11

Can. Dollar Bonds

15.185

15.162

THE LONG-TSSM
CREDIT B&^KOF
JAPAN FINANCE N.V.

U.S. 325.000,000 Guaranteed
Floating Rate Notes due 1988

For the six months 22nd March 1 982
to 22nd September 1 982 the Notes will cany an
interest rate of 1 5 t ib p c per annum with
a coupon amount of U.S.S394.51.

Bankers Trust Company, Singapore
Agent Bank

Ayear later he went bii

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one.Then they need us. Hr it happened to vou. you'd need us.)

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of knowledge and experience. That's what makes it the surest;
the earliest way forsomeone blind to get their independence
back.

Help blind children as they build tharlives

■lam sending my personal contribution to tbeworko- the RNiS.to help educate,^*
| rehabilitate and train Britain's blind people. Fteasebckii a receipt is requ.redC 1

| Name

i

Paul Upchurch. ffi

phoiooraphodal school _

jjsiB8lorohia3tMsrthday J

Orif you woufd Hire
MbcmatiORatJOut giving
byaCovenanlQ
a Legacy □

(please tick bo*)

14C

ROYAL NATIONAL INSTITUTE InH

FOR THE BLIND

INTERNATIONAL

Board changes
at Alexander
& Alexander

• ALEXANDER AND ALEX-
ANDER SERVICES INC has
mode changes in the composi-
uqq of the boards or the hold-
ing company- and its operating
subsidiaries. Mr John A. Bogar-
dus Jr, president of A and A
Services, was named chairman
and continues as chief executive
officer. Former chairman Mr
Kcuneth IV. S. Soubry became
vice-chairman and continues as
chairman of the Alexander and
Alexander International Inc sub-
sidiary. Mr Tinsley H. Irvin,
executive vice-president, was
named president and remains -as
chief operating officer. Tie also
continues as president and chief
executive officer of Alexander
and Alexander Inc, the firm's
North American operating
subsidiary,

Mr Kenneth V. Grob. chair-

man of the company’s Alexander
Howden Group subsidiary based
Id London, joins the board of
A and A Services, . together with
Mr Michael J. A. Glover, deputy
chairman and chief executive
officer of Alexander Howden.

The board of Alexander
Howden also was restructured.
Howden senior executives on
this board are Mr Ian H. Dean,
Mr Ronald A- Ilea, Mr William
N. Irby, Mr Charles A. Limcrad,
Mr .Allan J. Page, Mr Cordon
R. Pope and Ur John C. Varney.
Joining the board from A and A
Services are Mr Bogardua and
senior vice-president Mr
Richard E. Lynn.

Senior vice-presidents Mr
John C. Slenklewicz, Mr George
B, Clark. Mr Paul Gregory and
Hr Hugo J. Standing have been
elected to the board of A and A
International Mr Sienkiewicz
became .president and chief
executive officer of this newly
formed subsidiary and the other
three executives eozmjruTe
A and A Inc's new' management
advisory committee. Also join-

ing A and A International's
board from Alexander Howden
are Mr Ronald C. Coraecy, as
vice-chairman and Mr lies.

Staler vice-presidents Mr
Joseph J. S tahl n and Air John
W. Tucker will serve on ihe
board of A and A Inc. Mr Stahl
remains head of the company’s
expanding multi-faceted human
resource management group. Mr
Tucker, former president of
R. B. Jones Corporation prior
to Its merger with A and A,
continues as director of the ex-
panded- mid-central region.
Another former A and A services
director, senior vice-president
Mr Henry Ratholomay 111 re-
quested a reduction in his
responsibilities effective . this
past January l and chose not to
stand for election to a director
post

All other board positions of
A and A Services remain
unchanged.

• FRANK B. HALL, has ap-
pointed Hr Stanley Martinez To
the newly-created post of senior
vice, president-finance. He will

continue as chief financial
officer.

• Mr Ernest J. Szilagyi has been
elected vice-president of
planning for THE SINGER
COMPANY, Stamford. Conn. He
was formerly assistant corporate

controller fur financial planning
and analysis.

• Mr Kenneth M. leffler has
been appointed an officer, as
manager, in the technical
services department of The
FEDERAL RESERVE BANK OF
NEW YORK.

'• IHG INTERNATIONAL
HOSPITALS GROUP has
appointed Mr Roger (Bob)
Wilcox to the post of marketing
director. Middle East, based In
Riyadh. He has spent the past
four years in Abu Dhabi with
the Allied Medical Group as
chief . executive at the A1
Corniche HospitaL

• Mr William A. Bloch Jr. has
been appointed vice-president,
field operations, by CU COM-
MERCIAL LINES INC., Boston,
a division of Commercial Union
Insurance Companies.

i ■■224 GREAT PORTLAND STREET, LONDON WIN 6AA*ta l

UK

Commercial
Union group
actuary

Mr A. de Hullo will retire as
COMMERCIAL UNION ASSUR-
ANCE general manager (life) on
April 19. He remains a non-
executive director of Delta Lloyd
Verzekeringsgroep NV. Mr de
Httliu's executive duties will he
assumed by Mr J. II. Webb who
will be responsible for actuarial
and life matters with the tide -of
group actuary.

★

Mr Richard A. Freeman has
been appointed an assistant
director of CHARTERHOUSE
JAPHET. Mr Freeman, a
solicitor, was secretary to the
Panel on Takeovers and Mergers
from October 1979 to January
1982. Before his secondment to
the Panel he was a manager of
1 Umbras Bank and has had
particular experience of interna-
tional capital issues In the UK,
France and Japan.

★

Mr Francis Tbyne will be
Taking over the managing
directorship on April 1, of Wm
THYNE from Mr Ken J. H.
O’Brien who is retiring. Mr
Tlivne is at present deputy
managing director and sales
director and will be relinquish-
ing these appointments. Mr
W. S. (Bill) Sinclair becomes
sales director.

★

A new director. Professor
G. E. Adams, has been appointed
to the MEDICAL RESEARCH
COUNCIL'S radiobiology Unit at
Harwell; be will take up his post
in October on rhe retirement of
the ’ present director. Dr J.
YennarL The unit studies the
health risks of radiation
exposure. Professor Adams is at
present head of the physics
division at the Institute of
Cancer Research, Sutton, and
professor of physics as applied

NOTICE TO HOLDERS OP

TOSHIBA

CORPORATION

(FORMERLY TOKYO

SHIBAU&A ELECTRIC CO, LTD)

(TOKYO SHIBAURA DENHf
KABUSHJKl KAISHA)

CONVERTIBLE BONDS
DUE 1990

NOTICE OF REDEMPTION
AND TERMINATION OP
CONVERSION RIGHTS

. NOTIC E IS HERE BY C rVEN to the
holders of ihe Cjfc Convertible Bonds Due
IWlMthe “Bonds") of Tbsh Iba Corporation
(formerly Tblcyo Shlbtnra Electric Co*
Ltd. I. t Japanese Corporation (the “Com-
pany’; that pursuant a Condition OB) at
the Bonds issued under the Trust Deed,
dated as of July SO. 1975, between the
Company and The Bank cf Tbkyo Dust
Company as TVustee (the Thmee’) the
Company has decided to redeem on April
l.~>. ISSG all Bonds then outstanding in
accordance with such Condition £iB).

The price at which the Eonds win be
redeemed will be of the principal

amou ni thereof and will be U J. SI.QRG per
U.S. SI.OUU principal amount. In addition,
the Company will pay interest accruing
from April ]. 1982throayh April 16, 1982.

The payment of the redemption price

w»H he made on and after April IS, 19SZ
upon presentation and surrender of Ibe
bunds lop-ther with all coupons apper-
taining thereto maturing after April 15.
1982 at any of the following principal
offices or the Pay in^ April tie

The Bank of Tokyo Trust Company
i KeVr Yorfcl

Manufacturers Hanover TVnst
Company t Sew York!

Arab Finance Corporation SA.L
(Beiruti

The Commercial Bank of Kuwait
S.A.K. ( Kuwaiti

t tnion bank cf Switzerland (Zurich)
lfanque Generate du Luxembourg
(Luxembourg*

The Mitm l Bank. Ltd. (London)

Boot) ue de I'Union Euro peenne (Paris)
All payments will be made in such coin
or cu rrencyoflheUnited States of America
as at the time of pavment shall be legal
tender far tbe payment of public and
privatedebts at the office specified above
in Sew York City, or, at tbe option of the
holders, in like coin or currency, at the
other offices specified above, by check
drawn on. or transfer to a Unitrf States
dollar account maintained by the payee
■with, a bank in New York City, subject to
any applicable fiscal and other laws and
re«ulaiiwia_ all in accordance with the
Terms end Condition* of the Bends.

FROM AND AFTER APRIL 15. 1982
INTEREST ON THE BONDS WILL
CEASETO ACCRUE ANDTHE RIGHT
TO CONVERT THE BONDS INTO

SHARES Or COMMON STOCK OF

THE COMPANY WILL TERM fN ATE
AT THE CLOSE OF BUSINESS ON
APRIL 15. 1982.

..TJe Bondholders’ attention iscliied'to
the fact that in accordance with Condition
5 of the Bonds they may concert their
Bonds into shares or common stock of the
Compear at the con vers (on price (with the
Bauds taken at their principal amount
» c. the rate of

!)«29SJ° equals U-S. Dollar 1) of Yen
L.4&) per share. Each Bondholder who
jrishea to convert bis Bonds must deposit
his Bonds, together with all unman red
coupons, with any of the offices of Arab
> rosner Corporation SAX. (Beirut) and
B&.nquo Generate da Luienzbonrz
(Luxembourg) as the Conversion Agents
before the dose of business on April 16,

398X accompanied by a written notice to

divert, the form of which notice IiMvailible
fro™ any of the said Con vetafoa Agents.

For tbe information of the Bondholders,
toe reported closingprices of the shares of
cammansuckoftheCampaayaattialbkyo

Stock Exchange during the period from
December 16. 1931 to February 18 . 1982

ranged from a high of Yen 396 to a low of .

Sen 366 per share. The reported dosing
price or such shares on the Tokyo Stock
Exchange on February 16, 1982 wgg Yen
378 per snore.

TOSHIBA CORPORATION
xfjpThe Bank of Thing Trust Cbunm&r
acTnaUc

Haled: March 25,2582

to medicine- in tie University
of London.

★

Mr Jaek Storey has been
appointed <J| reel or and general
manager of FA IRE Y GRAPHITE
MACHINING, a company
receotiy formed by Fairey
Engineering to undertake the
machining of graphite for
Hey sham and Torness advanced
gas cooled nuclear • power
stations. He was previously with
the machine tool division of
Tube Investments.

★

Mr George F. Gray, who will
be 66 in May. has decided for
personal reasons, to retire from
the board of the THE BRITISH
ELECTRIC TRACTION and
from bis other appointments in
the BET Group, at the end of
this month, instead of later in
the year a a had previously been
Intended.

★

Mr Ford Fraker has been
appealed assistant general
manager in cfarge of the general
banking division of SAUDI
INTERNATIONAL BANK.

*

Mr Alan Bew has joined the
board of PHOTO-SCAN SALES

as technical director. He was
managing director of Newali
Electronics of Peterborough.

*

Lord Gregson and Mr Ronald
Halstead have been appointed as
part-time members of rhe
BRITISH STEEL CORPORA-
TION for further terms of three
years.

-*

The Education Secretary has
appointed Lord JelHeoe a* -chair-
man of tbe MED ICAL
RESEARCH COUNCIL for a
period of foor years from April.
He succeeds Lord Shpberd. who
has been chairman since March
1978.

dr

Hr Peter White is joining
the ALLIANCE BUILDING
SOCIETY as its general manager
(finance) on April 1. He was
divisional manager (finance) of
the Abbey .National Building
Society.

■*

EXCESS INSURANCE GROUP
has made the following changes:
Ur Michael Galbraith is
appointed UK creditor line of
business manager UK division
and will be responsible for

underwriting, production and
administration of the UK
creditor account.

*

ROTA-DO DOMESTIC APPLI-
ANCES has appointed Mr John
Cape as managing director. He
was managing director of Bonson
International.

**■

Mr Marshall Bennington has
been appointed sales director of
CONDEK NORTHERN, DarLing-
ton.

*

Mr Martin O'Regan is resigning
from Alll EUROPE and the
board of INTASUN LEISURE
GROUP. Mr ErroJ Gossey, joint
founder of tbe airline, assumes
responsibility for all day-to-day
uperaiioiK in addition to his role
a : ; commercial director,

*

3Ir Robert Carr, deputy chair-
man of Granada Group has
appointed Mr Alewyu Birch hi s
successor as chairman of
(‘.RAN ADA PUBLISHING. Mr
Carr will continue as a director
of Granada Publishing and Mr
Birch will continue as managing
director.

Westtand/Utrecftt
end of the year Statement

fcr ttaywr ndadBM Sacamtar-faH

AHBtatrfan, 17th March 1982

■ffia ataady dataforattanln tha affiafian on the property mar-
kat, « mult both of Mgh Interest ratas «nd of Ifw poor acono-
trtc prospects, Jurt a Mvsm otfaci on oar compaqr In 19B1.

Our loans dlvtaton mad* si opmflngpraK al f 110J nfiBons
In 1 W 1 to compared with a profit et t ItB^i mHtlnn last yeaj),
wfiUat tha property dhrtaton tneunad a teas dti S3* nrllQon
war Us same period (In 1980 than was a lota of /81JB rnflD-
onj. *

Tho opor afln g profit of tha Q n i u p WB tt u a / 17,3 irilBon (aa
agal/wt fS*fi tnilNonta 1980).

Bocanaoof th» state of the property iwtot, wanted tha
allocation made in the loons division to tne prafalon for gene-
ral contingencies to t £0 million which ta f 42 million above
tf» sltacstion In 19BQ. We also iRcmsecMhe nst provision si-
nady existing In ths property dhrtaton for unoca^iad property
by / 10 mil/ton to /23 mffJfon.

We further Included e ftgnm of / 160 million tar writeoffs hi
the propsty sector. Following the compensation for corpora-
tion tax of / 80 mlllton, the figures for l9£t show a loss of
1 122,7 million es against a profit of f 3DJ5 million In 1380.
Resolutions will be moved at tha general meeting of share-
holders toast off this loss against the laaeoaa and not .

any dividend for 1 BB 1 .

The breakdown far the Ion M2^7m9lf0nb as loffowsflfia
I960 tigumerselaogrvonforpuipowaaf cangjsrisoqj:

CntJfflBonsofgn3dsn& 1«1- 1880

Operating results • 17,3 ' 54,5

Write-oh® and provtaloraJn . •

respect of foe property sector 4-170 420'

Allocation to provision for general

contingencies- +50 4-8

Roluas oUsUocaGon to pnnfaion

lor tax +-8P 4 9

4-m.Q 4Mp

LesafpoRt 4 122,7 2C§7

The company mads an operating profit of f 3,9 mfllton In the
last three months of 193i, compared with an operating profit .
of / H.4 million In the same period in 1980.

The following table shows the operating results on a quarterly
basis (toe figures are rounded oft):

(tn miHions of guiUara) iasr. igao.

first quarter 7J> ■ 187

second quarter 32 13.1 .

third quarter &2 115

fourth quarter 33 11A

operating profit - 173 543

LoeudMaton

In 1991 we s/re ng ad fitiOO mort ga ge loans (tMe figure ebo fn-
cltidaa Increases on existing tom) to a total value of f 663
mUlion. compared w!lli 13^00 loans sdth a total value of 1 B 0 S *
'million in i960. 1 1.292 million worth of loans were sold from
our mortgage portfolio. After deducting repayments and sales
of extaling mortgages, the portfolio decreased by f 1,771
mutton to Ml, 965 mfliwi, fo iSBttepcRtofto increased by
/ 1,011 million.')

mine lost three months of 1981 the situation on the housing '
market again failed to show any Improvement oar operations
in the toons s e c t o r re me ln a dvers e ly affected by the fact that
the market re not functioning praparty.In view of inia. wa
reread the allocation made to the provision tor general
ccmingsnclea.

The management of the existing m o rt g a ge portfolio continues
to demand more atiantion than has beenlho case in tiro past. -

Property dtatalon

The conditions on the property market nacossHated, In the
year under review, a dresttc reorganisation of our company.

Die company alms to reduce gradually Inves t me nts fn proper-
ty tor its own account to a level betour Its capita/ tree*. A
writeoff of / 169 mIRIon was recorded lor the property sector
(including our share in tha operation of associated
companies), whilst the provfalon for unoccupied property was
raised by f 10 million to f 23 million. Sums totalling 1 7 million -
were drawn tram this provision In IBM.' Tha property sector
continued to make a loss In the hot three months of the yeat
In 1991 new projects is tbeTfetbartands were embarked upon

Coneofttated Profit and lorn Account (In t.OQB)

Revenue from mortga g es .

Revenue from construction loans and affieradrancus
Revenue from budding projects -
Group re ven ue

Total cost of borrowed funds
General expenses
Depreciation of property
Group costs
Operating profit

Provision for general confl mj en cles . m
P rtBSafon'for uroccuptod property
WriMhoft property ,

Taxa tio n

Net remits

aoMy h» reaped of odsBng commitnwrta and amormfreJ to a
value of f 113 ratiBon (as against / 272 mflfion In 1980), iadti-
ding Our shore In associated congjantas’ activities.
VtosUd&tt dwefGnga fn 1981. TTth figure Includes 117 private
sector dwellings from the existing stock of dwellings which
am aimer finished or virtually completed (as compared With
408 dwafflega Hi 1080^ including lOSdweUingB in lha prints
sector).

This stock of cfimU bigs ready for occupation stood ad 1,337
dwellings at 31st dacembar 1S81 and bad a book value, aftnf
writeoffs of / SJQ5 mUltan.

Of thase dwellings, 420 have been tot on a tamporary baste. AI
91 at decombar I960 the stock, stoeef at 1.074 dwellings, inclu-
ding T 2 t temporarily tot, with ■ total book vslua of / 237
million. ■ •

Since the balance sheet date of tbe stock of c ompfa tod dwo?-
ttngs and dwellings under construction, 976 dwellings of which
BBS are csmpMsd, haw been aofcl InzIuOlng ca 860 to Ihe Af-
gameen Burgwiiik Fensioenlaodc (Dutch Cnrtl Service Pension
Fundi Inestablishrng the sire of tne write-off per 31st Decem-
ber 1961 this transaction was taken Into account
At the moment there la a stodc d 471 completed dWolBnjjs, as
wall as 63 dwellings undar construction,
fn the uomm wc i al property sector a start was made cn the
construction of office premises with * floot apace of 24AOO
lift

The Mention Is lone part of tbtobofidlag to botsaaor new .
head office.

Greu

tn 1981 the net lewl cf b omawinga on the money art capital
market tell by 71,579 rtf n ton (as compared with an Increase of
t i.fffi rnffHon fn TBBQJt bringing die total value of (boas funds
on 1 12£49 nuUJcn. ■

Our funds were also augmented In the year ureter mitm ty
tha sale of mortgages to a value of / 1,292 roifl Ion.

Hwaaii to aUM i ‘

' Satisfactory progress is being made In the reorganisation of
our company to take account of the changed orciMnsiancas.
Th® discussions held with the works council end the trade uni-
ons bore trail at tha beginning of January 1682 when ihe reor-
ganisation measures came Into force and tne social plan, de-
signed to operate in conjuction with the reo/ganisa Hon scheme,
was introduced. 1931 saw a decrease of 153 in the number ot
employees, bringing the total number dtMin to 803 (Including
the 35 people miiptoyao by the Frankfurter BcdeukredUbanh),

A ftirther 26 employees hove left the company since 1st Janu-
ary 1932, so Ihaf at lha time of writing, there are 777 people
on the staff. A further 18 employees hare expressed Uwir
Intanthnta team Uw company.

Proapede •

The motivation behind our poliefes In 1981 has fri part been
the oxpectotion mat, in a few years tima; the con ttoutog In-
crease in production casts, coupled with a gradual decrease
In the stock of new dwellings win lead to the property market
recovering from the current malaise. Our expectation for 1982
is that the reversal policy which we have implemented In
respect ot our activities on the property market will lead in tbti
course o( the year to an easing of tha sixain placed on tha
operating results.

we consider the alteration which De Nedertandsche Bank and
ihe Ministry of Finance Introduced in February of this year in
tha application of their structural policy with regard to (he par-
ticipation of mortgage banks by other financial institutions to
be of great Importance and we are at present investigating
what now possibilities fas opens up (or our company.

VtoattondfUtncht Hypotbsefcbank N.V.

N3JThe figures are given subject to Ihe approval of the
General Meeting ot SureftokJere Id be held an 27Apri!
this year.

*) Wfih effect from 1st January 19B1, the figures fortha
Frankfurter 6odenkreo>(bank AG. have been Incorporate!

In the consolidated figures. As a result of IWs, the batons*
Sheet total increased by / 311 million al that dale.

The most important balance sheet items were in respect
. of mortgages ft 166 miindnf, construction hung and nflw
advances tf 120 mUBoty- and borrowed funds (722

1990

/

31/138®

'1JM0i56O

T19A52

1361

/

1

"ff

1*

». ,

1M&S5

- 1,2883388
96,448
7J902
■ _ 1XS2A2&

y —

‘•Sam

..[■ &000

■ .

. -2W00

- tone

34.000

. 30, 455.

TOf2*T

V&TJS3&

114JDS3

T4744S5

1£S3J01

84AS3

60000.
TOjoao |

1B0JX3O

Ktf Sganeof catwofidatad BAocedsat^n ILOOO}

ShareearttaT

Borrowed funds

Mortgegn rerentfooe

Construction lom and o O iaradt a ncaB -

Butrtfmg pNfecisAi fund

Properly managed

Associated compenfe*

Balance ahaat. total . ..

31/1380
40337
.14,140749
127J51
817.135
. . 640867 .
383,759
116A83

•WB50512

3VI2«t

40367

38^70

*00166

08/143

Copies of Ore end of UK ysar statement are avallabto on request aToar henOomca to Amsterdam. SarphaBstmatt.
1017 ws Amstenfam,Tf»flelhartand5.TeL0waj 20263131 Extension 230 or J.HewyS6W«tefWatKiSl^^
120 Cbeopstde ffiZV SOS LtxiCtQO.TeL5aMO00. - ■

Wesdand/Utrecht Hypotheekbank nv

Companies and Markets

ACF industries-.. 33k

AVXCdrp- I is%

Anted corp — ^ 387„
Anted stores 29%
Ain^Chaimera... 12%
Alpha Portd 97a

AIgqb.

AirialSugw.^

Amex...

Amdahl Corp

Amerada Hwuu_

Am. Airlines.,

Am. Brands. !

•Am. Broadcast's;

am. Can 1

Am. Cyanamld.,,
■Am. Elect. PewrJ

Am. -Exprase ;

■Am. Qen. InancaJ
Am. Hoist 4 Dk_.
Am. Home Prod-.
Am. Hoap. Suppy
Am. Medical Inti

■jAm. -Motors

Am. Nat.Raaoes
-A iji.Petfina..

2436 T 241c
41% ■ 40%
377 b : 381a
30% | 31 ia
Jflig i la ig
14% > 143|

19U 19

26 2638

A m.auaisr PetLj

Am. Standard...

Am. Stores-

Am. Tel. *TbI.._

Amatak Inc..

'Amfac. ,

AMP

Xnstar ,

Ametaad Ind*.—.
'Anchor Hockg....
AnheuBar-Busch
Archer Daniels...
Armoo -

.1 ae ;

■I 30

.! 8738

20 !

. 23 I

■ I

4 85%
l 267 S

IB** I
' 45I« i
. id* !
31

51 % Dil
257a Di!
267a Dif
16 Oil

46k Oh
16 Do

Sllg Do

Armstrong CK—.I 14k

Asa m era Off »r 87g

Asarco [ SOk

Ashland Oil...— 21k

AudDGoodi ; 31k

Atlantic Rich _■ 38k

Auto- Data prs....i 265a

Avco ! 147fc

Avary Inti 25

Avnst . } 437a 47

Avon Prod .'. 25k 247 b

Baker Inti 29k- 39k

Balt. Gas A El — i 26 25k

Ban Cal.; ; 26 2538

Bangor Punta .j 17- 16k

Bank America....: 19 18%.

-Bank of N.Y ■ Z8k 37? a

bankers T*LN.Y.i 34 53k

Barry Wright | 13% 17k

"Bausch A Lomb-/ 59k 27%

BaxtTrav Lab....’ 34 U 34k
Beatrice Foods... 1 19 k 18k
Baker Inds 6% 57a

Bell it Howell : 19% 19%

Ball Industries J 15% 15k

Bendix 627a 62k

BenefielafT i 15k 15k

Bath Steel. [ 22

Big Thee+ads 22

'Black 4 Decker J 15k

--'Stock -HR 33k

Blue Bell I 22 k

Boeing. 16%

Boies. Cascade.. J 29 k

.Borden - 31$,

Borg Warner-.:- 22k

.Branlfflntf "2k

Briggs Strain — 239s

Bristol-Myers 553a

BP 21

Brockway Glass. 14k
-Brown Forman B 313,

Brown Grp 28k

Brown A Sharp „ 16k
■wowng Farris... 30V
Brunswick— 167 fl

-Bucyrus-Erla J 15 V

Burlington Ind „■ 1BV
Burlington Nithn 45%

Bumdy... . l&k

Burroughs.— 34 V

CBIInds. 32

CBS J 40k

CPC Inti. — 373 4

csx ..-....*.4 47%

Campbell Rod- L, 12k
Campbell Soup...| 33V
Campbell T*gg...i 21k
Canal Randolph..' - 25

Can. Pacinc '.35 .

Carlisle Corp...._; 21k

Carnation ; 30k

Carp Tech. l." 35

60k ! 60k

rfff ri.^

-y

1st

Ban

■1st

Cha

Lenox I 367,

Lavi Strauss .^Jj 33 '
Levttz Fumtr..rj 27k
-Libby Owens FdJ 23

Ully (Ell) J 56k

Lincoln Nat | 40%

Litton Inds. 1 48

Lockheed 48k

Loews 91k

Lone Star Inds 23k
Longs Drug stra.- 36k
Louisiana Land 357s
Louisiana Pan — 17

Lower stain 27k

Lubrizol 20k

Lucky Stra. -.1 14J*

MlA Com. fno ... ' 207 a

MCA...... 497j

MacMillan. 16V

Carter Hawley...

Caterpillar ...

Celenasa Corp_

Centex

Central A Sw —
Central Soya...—
Central Tal Util—
Cartain-taad .. —
Cessna Aircraft.
Champ Home Bid

Champ Int —

Champ So Plug-

Oharter Co

Chase Manhattan
Chemical NY—.

Cheese Pond

Chicago Pnoum.
Chrysler——.....
Chubb

14V I 16
497g I 4854
50V 607 b

22k 32k

15V 15k
Ilk Ilk
29V 99V

10V 103,

17V 17k

2 17g

16 16
7S, 7 k

6V 7
57 66k

61k 91

34 33V

14k 14V

5 k Sl»
45k- 44k

Mae I 61 k

Mfc ray Han over— 32V
ManvKIa Corp-...i 14

Mapco. 1 27k

Marathon Cll | 75v

Marine j -223,

Marriott .— J 361*

Marsh McLenn_J 33 v
Marshall Reid D 28k
Martin Mtta...— 29%

Maryland Cup 35

Masco 33k

Massey-Fergn..- 2
Mass Multi. Corp 17V

Mattel. — 16k

May Dept. Stra-} 27V

Cincinnati M1U.J 258* 237 B

Citicorp J 27 k | 26% G

Cttlss Rervics-...; 87 - 267a G

City Invest 217a -i 22 G

Clark Equipment 1 .24 : 237 b G

.Cieve CUffs Iron., 22V ! 233, Gi

Coro x 12V j 137s Gi

Cluett Peaby.. „j 14k • £4% Gi

Coha COIa -I 31k l 52 G<

■Colgate Palm — -1 18k j JJk

Collins Alkman-.. 11V 1 ilk

Core Inds 4 943« i 34

Maytag —J

MqCulloch 1

McDermott urU

McDonalds J.

McDonnell Doug'
McGraw Edison..

McGraw-Hill .

McLean Trukg

Mead : .’

-Media Geni

-Medtronic ,

Mellon-Natl -

Melville

Mercantile Sts _■

Merck — ;

Meredith . ;

Merrill Lynch-....

25 | 34k

J 7 * 9Sa

231s } 23V
66k « 65k

34 j 34k
28k 28 k

49 49

12 V ! 137s
21k 1 20 >2
353* 1 353,
36 . 35

333, , 34V
44V ' 43V
60 J 60k
743, 74

56 V I 54 k
26k i 26V

WORLD STOCK MARKETS

Financial Times Thursday March 25 XDS2

; Mar. r Mar.
23 | 22

Mar. • Mar.
23 ; 22

MGM — 6k

Metromedia 170

Milton Bradloy_j 16V
Minnesota MhC-j 54k

Missouri Pae . 59

Mobil -I B3V

Modem Merchgj 8V

Molutseo 10V

Monarch MIT—: 17k
Monsanto _ — 64V
Moore McCmrk. 20 V
Morgan UP) ' 55
Motorola.— ■■■■■-] 673*
Munaingwear 13k
Murphy ICC) — J 10 k

Murphy OH W’s

Nabisco Brand? 32k
riaico Cham j 46%

Sohlite Brew 12V

Schlumbcgor—.- 44k

5CM- 23%

Scott Paper X6-,

Scuddcr Duo V „ 12V

Season - 20V

Seagram 52V
Sealed Power 27k

See rle (GO) 33k

Sears Roebuck- l§k

Security Pac 33

Sod co 32

Shell Oil 36k

Shell Trans. 26 5*

Easier early Wall St tone

PROFTT-TAKDiG and portfolio 260.58 at 1 pm. Volume 230m helped ocher ^>eculatiTES to termed uuurfy * technical

36k , 34k
26% 26V

switching yesterday moniing took Shares,
the steam out of the recent good
rally on Wail Street, the market Panada
turning slightly easier m fairly V~T aait
active dealings. ■ B ? 1 «

Australia

reaction to the recent advancing
trend . The Commeahank imiot
which On Monday dosed at ity

Sherwm-WjTU-^. 21% ■ 20k

Signal ...
Signode

20i v > 20'-z
48ll | 48V

— " T - . . . . easier indination in fairly active

Jones Industrial early trading. The Toronto

Most sectors displayed an Markets sprang to ^ sUppod^l

fiier inclination in fairly active day after their recent lethargic

performance, and had their best

Average, which had recovered. 21 Composite Index retraatS^ S.0 «ssion so far this year. Stronger ^ <t 5i. v ho, Ji nS

Mapco Industrte* 1
Mat. can. — —4

Nat. Detroit

Nat Disb Cttem-'
Nat Gypsum — !
Nat Medical Ent
Nat Semicductr.
Nat Sendee tnct
Nat Standard — !
Nat Steel J

Hatnmaa.

NCNB •

HCR._ J

New England El-|
NY State E&G_)

NY Times — J

Newmont Mining;
Niag. Mohawk —
NICOR Inc. — J
Nieteen lACiA— '
NL Industries — J
HLT -3

15 15k

18V 18V

22k 21k

217 8 21k

21k 31V
14k 14%

22 22%
24 24%

125, 13

19 19k

177g 18

14 ■ 13V

41V 42
27k 26%

15% 16Ia
34V 35k

34k 33%

13k 13k

29 | 29k

43% 42V
24k I 23V
20k { 31

Norfolk ic Waste' 46
Nth. Am. Coal....; 24k
Nth. Am.l Philips! 337 b
N thn. State Pwtj 27%
Northgate Exp-.j 3k

Northrop - I 45

NWest Alrtlnes-J 307 b
NW est BanenrpJ 20V

Nwest Inds. 61k

Nwestn MutualZi 0V
Nwest Steel W-j 18

Norton Z> 35<«

Norton 8lmonZ_J 20%
Occidental Pet_j 20V
Ocean Drill Exp.! 19k

Ogden j 25V

Ogilvy it Mrth.TZl 29

Ohio Edison 1 12V

Olin ZZ3 19k

O marie .1.1.71 14-k

Onack . , . 26

Simplicity Matt. J 8 ) 8 t.

Singer. ! 147 8 i w%

Skyline ■ 13% i isw

Smith IfttJ 29k ! 29V

Smith Cine See*- 644, ' 64k

Sonesta lirti - 10% ■ io

Sow 13% ; 137a

Southeast Bankg 26k ! 16%
Sth.C3J. Edlaeiw 32 1 Sin

Southern Go.-....- 12% f 12i z

Sthn. Nat Res. ' £37. gg3,
Sthn.N. Eng. Tali: 43% S 43k
Sthn Pacific...—, 34% , 34%
sthn. Railway—; 86% . 85%

Southland. — ■ 28V : 28k

SW Bancshares-- 25% j 25i,

Sperry Corp. ! 29 1* 29%

Spring Will* J 23% , 33k

Square D .j 24% 25k

Squibb 1’ 31% 31%

Std brands Paimj 23% i 83%

SW on CflforntaJ 35k ’ 33k
Std Oil Indiana—- 38^, 39k

Std Oil Ohio___l 34k : 34%
Stanley Wks 15 : 15

Stauffer Diem., £0% 21

Sterling Drug— | 25k 1 25k

Stevens fJR ; 14k 1 14%

Stokeiy Van K.ZJ 275, 2SI,
Storage Tech. — 27 k ' 28k

Sun Co - { 52% . 31%

Sundatrand 1 40 u 40

Superior Oil I 26 V . 26%

Super Val Stre-J 175, 18%

Syntax. ._J 34 ?b ’ 34k

TRW 48% : 47%

Taft — ! 29% 30

j 33% ! 32k

. _ — r w .. w kw . at iiuOD. Uli n n<l kfla ourei Iiuu i«uuuu

at 824*87 et 1 pm. The lost 501 to 2.01&5 and Golds fveraipht and declining U.S. 132S '

NYSE AH Common. Index lflJ to 2^83.4, interest rates bolstered sent!- ^ wmnwi “

receded 21 cents to $65X19. ment

although declines held only a TftlrcA The nfflying Gold Bullion * U J ?

small lead over rises. Tnmover EOEyO price also helped ttoe Minin* 1 n at liJirlSri rimS!^ 4

decreased to 3&5m shares from _ + Th « exten&d sector to rise. whUe Oils were SSiS 1

Tuesday's heavy 1 pm level of l te recent » a reasonable ^boosted by an encouraging oil 1°™ &?*¥-

53.03m. tornocer yesterday. Seniament well report and a ‘belief that oil DM 3 tn DM ^

a n.iirrf. tws boosted by the further prices would not faU further. Hotemtnn was unchanged at-

Tokyo

interest rates bolstered senti-
ment.

The raflying Gold Bullion

whether the West German expo**
boom to Opec countries could
be sustained.

In Construction shares, reports

Analyst- cnirf investors wp™ *** boosted by tte further prices would not faU further.
-Hoaiyns lnvzsuyrs were recovery On Wall Street over- The 4H Ordinaries index

n/f downtrend recouped' 7.S at 478.1, wfeHe Se

Jateresi rate® and a modest yen Oil and Gas index recovered 14.9

«c OTer y against the U.S. dollar, to 432.1. Metals and Minerals
deficit raid Probably be greater fl fi tn Ml B aWri All

DM 433.

Banks were broadly lower
with brokers speculating that
shares eame under pressure as

iwbiiutiuwvk ll SOU M lBiuBrl * 1

A 'S^rf trja °B' - tfttlioiau on Mondayf advanced A MO terrain a dlv on fliw ^

•STSWfflSTS KaTKVJSTi.'SS.SS! SSTSStf Drad * w

scheduled tax cuts also weired 535,84 while volume amounted Basin. Brokers said institutions Pane •

on tae market. Investors are to 300m share* (240m.), bad been piridnp up leading _ “ _ . „

concerned that the tax cuts wfll — , ' . . Resource stocks front the open- Bourse prices were fodtaeff ttf

make it even harder for the *~P S aD( * *^ u1aT J ing, and the Ja3cson develop- “P m moderate achvtey.

Administration to hold the most Y filmed ground, although S9ve an added tH}<}St l0 tte Analysts said there were «

Budget deficit down.

investor remained nervous ° raar ket.

number of reasons why y%

Blue Chip stocks were fjhe most ^ ic 5 aus ^ of continaing fears of ■ - Santos, with a 40 per cent market appeared to bave re*.

active, signalling heavy instrtu- Jntensmed trade fnenon wim interest in the oil well said the covered its poise after baring

Hnnai trading as portfolio m^ s } eTn t f^ 1TiS test came from the jorassic rased in recent days. Rtest, the

Western trading nations- Fajl

Tn. ... _ — _ . . v.<A

OutboardMorinal
Ovoraut Shlp^J
Ow«na- Corning J

Owan»-llfinoi* 1

PHH Group :

PPG Inds ; I

Pabst Brewing. '
Pac. Gas A Eteot^
Pac. Ughting__,
Pac. Lumbar—^;

Pac.'Tsl.«T«l-.r

Palm Beacli

Pan. Am. Air. ;

Pan. Hand P1p«-
Parfeer Drilling

Parker Hanfn ;

Peabody Inti

Penn Central !

Penney UC}—

Pennzoii t

Peoples Energy < 8k

Pepsico 357s

Perkin Elmer ; 213,

Petrie Stores..-^] 32%
Petrolane 13%

Pfizer _i 54

Phelps Dodge — • 34 k

Phi la Elect-. 133,

PWbro 33%

PWllp Morris ! 46%

Phillips Pet .! 287g

Plllsbury J 44

Pioneer Corp : 33%

Pltney-Bowes ‘ 25%

Pittston ! 17%

Planning Res'ch I 7

Plessey 68

Polaroid —• 193,

Potlatch 1 23%

Prentice Hall ... 36
Procter Gamble. 81

Pub.8erv.EAG.; 20
Pub. 8. Indiana. 22V

Purex- 27%

Pu relator 38%

Quaker Oats— 39

Quanex 11%

Questor . .. 13%

RCA.. 21%

Raison Purina.._J 127 a
Ramada Inns...— 6%
Rank Org. ADR-. 3%

Raytheon.-. _t 33%

Reading Bates -J 157g
Redman Inds— J 12

Reeves Bros... f 64%

Reich hold Chem- 10%

f

Republic Stee I... 1 31%

Rep of Texas ; 2fl

Reach Cottrell. -J 12
Resort Inti A —.j 17%

Revco (D8I I 347,

Revere Copper 11%

Revlon 273,

Rcxnord ! 12%

i Reynolds (RJi — | 455,
Reynolds Mtis—J 193,

Rite Aid 30%

Roadway Exp*_. 32%

Robbins (AH) 18 k

Rochester Gas— 14%
Rockwell Inti — 27%
Rohm A Haa*~— 49%
Rollins. 13% 1

Si 22% 2 22%

J IS I 12%
J 19% 19%

J 24% 24%

19% IS
J 517s 31%

-{ 14 14%

4 22 217 g

I. 237s 24%

^ 20% { 30r c

.f 173, i 18%
.■ 15V 15V

3U 3%
- El 30%
.. 1S% 15%

J 18% I 18%
5% f 5%
.! 367s 23 t 8

. 35 t 34%

. 35% l 35%

Tandy

Teledyne _
Tektronix -
TennecO —
Tesora Pet.

Texas Comm. B
Texas Eastern-.

J 31% 31

.‘118k 120%
J 48V I 48k
1 27% 27%

7. 183, 19%

1 30% | 30%
i 38% 36

44% . 43%

prior D "to "Israiag "end dicatcd a’ neW oii“fiHd. "suifM Accuhnt on the forward markrt

quarter reports. v-u- P ut 00 20 cento to AS4.53. while yesterdas’ meant that investm

On the actives list. General X 1 ®® “ £ B T lb,5 &, n Y “ 8 CSH, which has a 32 per cent were taWng adwatJtage of one

Motor lost i to S41. Exxon was v.J ^ vo interest in toe Jackson weH month's free credit. The rete-
ll n changed at $281, Geoend Etectric YS to through owning Bdhl on. rose tree cadm cm toe foreign exchange

Foods rose i to S33J and ATT S* 5 * w*® *. Y ^LA° 16 rents to A$S38. Oamnout, market and 4be French fraw*

added i at $56 Y3.35D and Canon Y10 to Y760. with 10 per cent, was up 16 cents shght recovery after the buffet

Technology stories, currently ■ Housebuilders and Property to 96 cents as 560,000 dbares tog it received in the past far

an unpopular group among insti- issues rose sharply in antscipa- changed, hands in Sydney, -and <tays were also positive factors,

tu lions, were generally lower, tion of a reduction in bousing

IBM shed i to S59, Digital Equl^ loan rates. Setdsu] Prefab Vamgas gained

ment If to S7S]. Honeywell 1 advanced YK to Y678, while AS6.00.

to S67}. Teledyne 1? to $1161 and among strengthening Real BHP, also wil

Data General 1 to $31}. Estate issues, Mitsubishi Real moved up 22 c

Taxas Ga* Tm— 35% 1 253,
Texas lhstr*m'te.i 81$, 1 B2V
''exes Oil A GasJ 267 a 1 26
Texas utilities— 21% ; 21%

Textron — — 21% • 21k

Thermo Electro- 18 : 17%

Thomas Betts.--,- 47% 46

Tidewater. • 26% 26%

Tiger Inti 7% 7%

Time Ine : 35 u 34 t 3

Times Mirror 42% , 41%

Timken ! 54 : 533;

Tipperary- 9V | 9%

Tonka j 33% 23%

Total Pat 9% g%

Trane Ij 39 31

Transamerica 19% | 19%
Tramway ..._—) 32% 1 22%
Tram World.-.-.) 20 V ■ 21 Le
Traveler* .___j 49t 8 j 49%
Trioentrol , 6% * 6%

Tri Continental—! 17% | 17%

Triton Energy, 12s 0 12%

Trier ZD 19% 19

UAL- — 197 3 1 19%

UMC India. 76 a 1 7%

Unilever N.V. 582, 1 56%
Union Camp. 48% [ 47
Union Carbide. 46J, ; 46%

Union Oil Cb] | 31% ) 31%

Union Paciric..-. ; 57% | 36

Unfroyal 7% | 7%

Untd Brands. 9% j 9%

Utd. Energy Res< 32 30%

US Fidelity G. 45% 45%

US Gypsum -30% 31%

116 - fOll >

Data General 1 to $311. Estate Issues, Mitsubishi Real

Saentffio. Atlanta tn,rn*A it tn Estate oi imbed Y22 to Y474 and
IMTte^ySf Firet Heiwa Estate Y9 to YS58.
Boston issued a buy reco m metida- Some OH shares performed
tion on the stock after it feH particularly well. Teikokn jump-
3} on Tuesday. tog Y6S to YS7S and Nippon Oil

THE AMERICAN SE Market Y40 to Y1.090.

Value Index declined L57 to Sumitomo Metal Mining, the

per cent interest holder added, as. was the further
ngas gained 10 cents to good performance on Wail Street
.00. on Tuesday.

BHP, also with offl interests. In addKnm, toe deletion of 2f

Estate issues, Mitsubishi Real moved up 22 cents to AS7.6S, stocks of nalTonaWsed Banfe and
Estate ci imbed Y22 to Y474 and while Alliance CHI added 8 cents Iodustriri corporations as from
Heiwa Real Estate Y9 to Y55S. at A$1.14. Wednesday means that toe same

In the Minings group. Central amount of cash is r *n«tnc fewer
Norseman Gold * improved stocks.

Closing prices for North
America were not available
for this edition.

30 cents to ASS .SO-, Western JohsmiMlninf
Mlnttig 12 cents to A $315, WIM -

11 cents to AS2.75 and CR\ Mixed and. mainly, narrow
S cents to AS2.68. inwmente were the ortter of

the day throughout the nwrkvt
Gprmnnv ■ ® restricted trading, with most

vrcruuuij operators withdrawn awaitmc

. Scares mainly turaed easier yesterday’s .Soutfc._ African

Sumitomo Metal Mining, toe “ ana mmuxu

centre of speculative interest of ® rente to AS2.68. ^

late on a promising gold dis- in restt

covery, rebounded from an utnnany operato:

initial decline to close Y20 Shares mainly turned easier vesterdi
higher on the day at Y710- This m light trading in what broken Budget.

BELGIUM (continued)

us Korn* 12% . 12k

US Ind* 8k i 8%

USSboa. 38k I 27%

US Steel 84% 23%

US surgical 19 19

US Tobacco 47% 1 46%

US Treat. 35% 35%

Utd. Tecbnolga- 35 .j 34%
Utd. Talooomms- 19 ; 19%

Upiohn . : i 46 < 45

VF.„ 353, : 34%

Varian Assoc*...; 31 >31%

Yam It ran - 10% ' 10%

Virginia EP 12% 1 13%

Vulcan Matris.... 48V 48%

Walker fHl Res..., 12V i 12 t b
W al-Mart Stores.. 437, : 43

Warrmco ; 24% ! 24%

Warner Com mi.. 57% I 56%
Wamer-Lambt ...; 23% j 23%
Washington Post) 32% 29%

Waste Manat 1 30k 29%

WelsMkts 39 89%

Walla Fargo-. 23% 23%

28V ! 29%

Waste Manst 1 30 k

WelsMkts. 39

Walls Fargo- 23%

W-Pglnt PeppL... 20V
Western Airlines 4
Westn.Hth.Amr4 13
Westinghouss— 23V

Wesbmoe 22%

Weyerhaeuser— 27

Whoetabrair F_ 32%
Wheeling Pitta_ 18%

Whirlpool 263,

White Goneoltd- 251*
Whittaker 24%

WJckea 6

Williams Co 20%

Winn-Dixie «tr._' 32%

Winnebago 47s

Wise Elec Power 51

Woohworth 17%

Wrtgley - 30 V

Wyly D 7»*

Xerox ] 37%

Yellow Frt Sy* 12%
Zapata 19%

Priea -ho»
Frs. —

110 + 1.6

332 +1

460 I -7
+60
.48

-9 :

. +9
1,050 +10

510 +10 .

BOD

595 I +28
49
482 .
• 44
*1 .
46
41 -
+ 11 :.
410

-15 '
+5
440

Olympus

lid I *uo.o] —
722 +4

—I 1,355[ +5

+32 f

+0-5 Telkoku Oil

Norand* Mines - 17%

69.3; —0.7 Perelli Co ...
+8. Pirelli Spa—.
—1 Snla VIscosa,
—21 Toro Assle—
—1 do. Pref—

141

2.030

2,899

1,818

815

18,050

-

—

RTi

r

L50|

15.249

+

M8

i

Zenith S&ZZl 12% j 187. % ! *7U

Paelflo Copper-. 1.30
Pan can Petrol. J 57%

Patino 18

Placer Dev 1 12%

Power Corp. . 12
Qnebec Strga — | 2.45

ImL dlv. yield 2

, Mar. 10

Mar. 6 Year ago ^approx

BELGIUM - j '

| Belgian SE (31/W.45)- • j 86.64 86 JJ? 8C7UJ 3MT

181.59 9S/9/8Q

12BJ9 (S 2/2/82]

112J 07 (MU
VU-UIUQ

218

190

263 __

#1*1

B

^raf

IjE

tc'(P

s

ml]

VolvotFreeJ .( 146

NY. &E. ALL COMMON

Mar. I Pjter. ('Mar. j Mar. -

.83. I 28 j 19 L 18

65.30 64 £6'63.KS63.46 "

79.14 68.03 unchanged-..

(B/hSI) | WS/M

nw mm

fBJl (5/2/87)

WL9T! W | tel | W7.45 (Bfl/tt) | W.P (5/1/88)

NEW roftit ACTIVE STOCKS

270.35 (Kism
269 JB i%(3i87|

1937.6 (15:5/82)

Jacobson A P. fl/l/SB) ! S08.H 1 GQ5JK

- - Change Change

Tuesday Slocks dosing on Stocks dosing D n

_ . . - traded price . day. . _ " traded pnee day

Ditto ‘ nd. Shmrefc 3.244^00 20% .j+Jr MarsKstf Bsti 714.800.28%. - k

Tari dye rafts _X165T700 « +1% Sony — — — 6)0.900 73% 4- V

IBM 7BJ40D 58V +% SB-Attena - SSS.90O Mh -3k

ArtheHKmaC 759.000 1£ ‘fjt ^ 31% + V ,

General Motors’ 722.700 41V. + Exxon.. — 5^.500 ..28% — k

WORLD

Capital Inti. fl/1/78V

4M.17 Rflilffll)

242.5 m/S/B2)

Price +or

1,4601 +40

Lufthansa

: Aiusuikae

112.5 | HI Ji 156,8 | 162.6 (BllfST) | 129.1(17/5/621

'(**) Sat Mar 20: Japan Daw (c). TSF (c).

Bite values of all Indices are 100 awe pz AnstraBe Ml Ordinary and Mansis—
500; NYSE All Com on — 80: Standard end Poors — 10; and Tonwto— 1.000; the
last named bated on ISIS, t Buuudiag bonds. $ 400 industrials, g 400
tadustriafs plus 40 IWlWex. 40 fiasneiais pod 3) -Tnaapoets, c Closed,
u Unavailable.' ... ....

*1gS *?I

3.2261

1^301 -40

287.0, —2.6
Lli

f

=srl^Sr 381 61 ‘ fiwWa “ d ’ mTiSSm

Financial Times Thursday March 2 d 1982

Companies and Markets

s

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1 '-j 11 r Pa%_ 1

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(■?

COMMODITIES AND AGRICULTURE

35

U.S. doubts
on Japan
grain aid

By Nancy Dunne in Washington

« 4
*i

HIGH RANKING members of
the Japanese government are
considering an unexpected food
aid package. But U.S. officials
have doubts about the plan.

Under pressure from Wash-
ington to remedy, the current
U.S. -Japan ' trade balance and
from Seoul for a $6bn economic
development loan, Tokyo is
studying a plan to buy 2m
tonnes of American grain worth
nearly $400m<fo pass cm to South
Korea.

The scheme reportdly sup*
parted by the Japanese foreign
minister, in Washington this
week for .talks, and agriculture
minister but opposed by the
Finance Minister, is. being eyed
dubiously by U.S. grain officials.
They want control of the
American surplus and fear that
such a programme would be dis-
ruptive of existing grain pat-
terns.” '

South Korea m already a U.S.
grains customer, eligible for 36-
mdiitii- credit financing at
prevailing interest rates. Last
year it purchased 4.5m tonnes,
paying for 70 per cent of it with
cash.

The scheme would need
Korean approval. The Korean
embassy here reacted angrily
to" the proposal'. * “ We do not
want donations.” he said. “We
just want a loan.”

UjS. officials have been urg-
ing Japan to establish a grains
stockpile to be used as food aid
for- developing nations. The
Japanese embassy here said
government financing for such
2 stockpile .would be harder to
obtain than purchase money for
the proposed Korean, gift.

Not to “he outdone in devising
surprising schemes. ‘ officials of
the Reagan Administration
have suggested that the
Japanese purchase American
nee. Reportedly Mr John
Block. Secretary of Agriculture,
attached, the suggestion to the
end of an- American demand
that Japan relax import con-
trols on beef citrus products
and fruit juices.

Japan is as swamped with
surplus rice the U.S. is with
surplus grain. The American
suggestion is' seen" as another
scheme urging that Japan fin-
ance food aid for developing
countries 'with food shortages.

Mr John Block said no date
has been set for spring consul-
tations under the sixth year of
the U5.-USSR grain agreement

Speaking to reporters after
addressing the National Associa-
tion of Wheat Growers, Mr
Block raid the main purpose of
the consultations.^ normally to
offer the USSR more grain.
Reuter - •. .*■ ■ •

UN Fund plan attacked

BY Bftij KH IN DARIA IN GENEVA

MANAGERS OF casting inter-
national commodity organisa-
tions for -rubber, sugar, tin and
cocoa have expressed dissatis-
faction in Geneva with The way
in which a $750m Common
Fund will be linked to their
organisations.

At a meeting called by the
UN Conference on Trade and
i Development, .top managers
from the four organisations sarid
they were not convinced that
the fund would be able to pro-
vide as much hdp as they might
need.

A sum of $400m has been
earmarked under an accord
creating the fund for financing
of commercial operations by
international commodity agree-
ment s. In principle, the fund
would mainly provide guaran-
tees for money raised by Uie
separate agreements on money
markets to finance buffer stock
needs. In that way. the S400tn
reserve in the fund's first
account is expected to help raise
loans of up to $1.6bn.

The first account will be used
to meet the needs of as many
commodity agreements as pos-
sible out of a total of 13 planned
under an UNCTAD programme.

Onl yfour agreements including
reserve stock provisions requir-
ing financial help now exist

The main clement being dis-
cussed m Geneva is die kind of
link each commodity agreement
should have with the fund. The
four man agers have said that
the mechanisms so far proposed
would erode -their autonomy
and make them clients of the
fund. As a result, their separate
organisations would lose some
of their independent decision
taking authority.

Since the main burden of
finding money, now falls on
the commodity organisation
managers, they want to protect,
their independent decision-
taking capabilities, using the
fund only as a helper attentive
to their needs.

John Edwards. Commodities
Editor, writes: There was little
reaction on the London tin
market yesterday to news that
the International Tin Council
had adjourned for the second
time its special session to con-
sider export quotas.

The further adjournment of
the Council meeting, which
originally started last Friday.
to March 29 or 30 is attributed

mainly to disagreement by EEC
member countries. Britain and
West Germany are. believed to
be opposed to the imposition of
quotas, partly on the grounds
that tile market has been dis-
torted by the activities of the
unidentified group that pushed
prices to record levels, and may
now hope for supply curbs to
rescue its position.

The delay in reaching a deci-
sion has aroused expectations
that export curbs may be
restricted; Cash tin yesterday,
was £85 lower at £7,150 a tonne.

Zinc ended marginally higher,
in spite of this week's move by
the two West German smelters,
Metailgesellschaft and Preussag,
to cut their official European
producer price by $40 to $860
a tonne.

Only last month the smelters
raised their prices from $875 to
$900 to come into line with
other producers, who reduced
their quotations from $950 and
are holding firm so far.

Evidently the West Germans
have decided $900 is not
realistic, in view of the recent
falls in U.S. zinc producer

Cocoa at

9-month

low

prices and LME values. Cash
zinc was over £455 only 10 days

ago.

Banish foot and mouth spreads

BY RICHARD MOONEY

FOOT AND mouth disease js
spreading quickly through
livestock in the western part
of the Danish Island of Funen.
The latest casualty is an agri-
cultural school farm on the
island where 1,473 cattle and
pigs had to be destroyed yes-
terday.-

This took total losses in the
nine outbreaks confirmed since
the disease was first diagnosed
Jat Thursday to 2,733 head.

With export market, to Nor-
way, Sweden, the U.S.. Candaa
and. Japzn closed off because of
the disease". ‘ throughput at
abattoirs is. running down
sharply and many slaughter-
men have been laid. off.

The virus is thought to have
been carried on the air to
Funen from farms near the
East German coastal town of
Rostock, only about SO miles
away across the Baltic.

The Rostock outbreak was
confirmed two days before the
DanWi one, but it was not
reported to the International
Agency for Epidemic Animal
Diseases in Paris for four days
instead of the 24 hours' laid
down under an international
agreement. It has been sugges-
ted that this delay,' while not
actually responsible for the
Danish outbreak, has .made it

more difficult to contain.

A veterinary surgeon who
was on the site of the initial
Danish outbreak immediately
before it was diagnosed is
believed to have carried tbe
disease to other farms in tbe
area. This might not have hap-
pened had tbe foot and mouth
risk been known, local veter-
inary officials said.

Farmers’ associations are
demanding ' that * susceptible
animals fill cloven-hooved
animals) in the affected area
should now be vaccinated

against the disease to halt its
spread. Movement of animals in
and through the area has

already been forbidden and

•fanners have been urged not

to gather in groups. An agri-
cultural exhibition, scheduled
to begin yesterday in Odense,
Funen’s chief town, has been
cancelled.

Meanwhile Mr Bjorn Westh,
the Danish Agriculture Minis-
ter. flew to Funen to reassure
farmers that everything possible
was being done to halt the
spread of the disease and that
they would be compensated for
any livestock lost
‘Denmark . exported $2bn
worth of meat last year, about
15 percent of it going to Japan,
one of the. markets now closed.

• Travel tn six north-eastern
districts of East Germany has
been banned because of the font
and mouth disease outbreak
there. The official Communist
party daily Neues Deutschland
said the disease had been
reported in several herds
around Rostock and one in the
Neubrandenburg area to the
south.

The dispase has also broken
out in parts of the Poltava and
Kiev regions of the Sovipt
Ukraine. Warning signs had
been posted at several farms,
visitors returning from the
region said, reports Reuter, and
passing vehicles were being
disinfected.

UK food price

nse warning

EEC PLANS to raise farm
prices will add up to £S20m to
Britain's annual food < bill, the
Consumers' Association warned
yesterday.

Increases of 9 per cent recom-
mended by the EEC Commis-
sion are “ toally unjustified in
current market conditions,” the
association said, as the Euro-
pean Parliament in Strasbourg
was due to consider the rises.

Bf Our Commodities Staff
COCOA PRICES fell to the
lowest level since last July
yesterday as rumours circu-
lated on the London futures
that Nigeria may soon be
forced to sell because of its
economic crisis.

The Mav futures position
ended the* day £2S down at
£1,016.50 a tonne after falling
to £1,005 earlier.

Speculative selling was en-
couraged by sales of cocoa
products from Brazil and
Ghana but the Nigerian
rumours appeared to be the
main downward influence.

Nigeria bas been holding
supplies off (he market in the
hope of higher prices. But it
has been suggested Nigeria
cannot afford to hold out
much longer especially as low-
prices for its oil exports hate
caused a severe foreign ex-
change shortage.

Dealers said Nigeria si ill
bad about 150,000 tonnes of
1981-82 crop cocoa left to sell.

The recent decline In
market prices has been attri-
buted to disappointment at
the result of the International
Cocoa Organisation meeting
- last week at which a S75m
loan from three Brazilian
banks to extend price support
funds was accepted. Producers
had hoped that an offer of
SI 211m would he accepted but
consumers ruled oat a 1 cent
rise lo 3 cents a. lb in the
export levy on which this
offer was conditional.

MALAYSIA

Palm oil refiners

squeezed both ways

BY WONG SULONG IN KUALA LUMPUR

Sugar export
quotas lifted

THE INTERNATIONAL
Sugar Organisation yesterday
announced increased basic ex-
port quotas for this rear, in
spite of world market prices
being well below the Agree-
ment's “ floor " level of 13
cents a lb.

Under I he automatic for-
mula used to calculate quotas,
total exports permitted for
member, countries have been
raised to 16.86m tonnes this
year compared .with 15.15m in
1981. So even if the full quota
redaction to 85 per cent of
the total is applied, as at pre-
sent because, of the low
prices, the amount bf sugar
available far exceeds esti-
mated consumption of - 12.94m
tonnes, after taking into ac-
count exports by the EEC and
other non-members of -the
Agreement.

THE WOES or the Malaysian
paim od refining industry arc a
cl a si sc case of too many rushing
into a good thing at the same
time, resulting in everyone feel-
ing the squeeze.

Eighteen of the existing 4S
refineries have evsod in the past
year. On the demand side. The
prolonged wcr!d recession and
increasing competition from
other edible oils have forced
Malaysian refiners to take lower
profit martins. On the supply

side, refiners are fighting anions
themselves: to get the crude oil

10 feed their plan;?, particu-
larly during the low production
season.

The plantations, taking advan-
tage of this, arc demanding hi^h
premium?. The !S plant* which
closed are ilu* smaller and Je.-s
efficient ones. But even the re-
maining 30 L*:a ones are uperat-
ing on -Inn profit margins and
are laying off workers-.

According to the Palm (»■!
Refiner^ A c: nriation of Malay- la
( Pnnmtl. refiners could make a
profit of nnjgtt 159 per tonne
of processed nil in 1979.

In 19S(i. the margin was r»-
..tinted in ringgit 120 per 'mine,
and la* i year, it was only ring-
git 75 per tonne.

Today, to cover cos’*, anti
break oven, a minimum mar: in
of R125 per tonne i* required.

" There is absolutely no profit
to be made in processing palm

011 these days. What we are
doing is speculating in the mar-
ket, and hope that tbe positions
we take turn out to be profit-
able.” said one big refiner.

The present problem can he
traced hack to the mid-1970s.
Palm oil was coming out of

Malaysia's plantations in an
ever increasing volume. There
was money to be made by refin-
ing this crude because there was
no duty on export of refined
oil which was also in good
demand overseas.

Refining technology was
moreover getting common and
narks were willing to lend to
build refineries to fulfil their
quota of loans for agricultural
food production imposed by the
Centra! Bank.

Before 1974, there were about
half a dozen plants, refining
ahom ID per cent nr the coun-
try'a. crude.

By 19Sl>. another 42 were
built to make up the existing
4S. All. except one. were
1 cum led in West .Malaysia.

According in the Malaysian
Industrial Development

Authority iMid.u which lmv**
out the licences, the 4K plants
have an approved capacity of
'.i.Siii tonnes, which ls equal to
Makiyrn’s out pul of mule palm
nil for la A year.

Government officials there-
fore reckon that given a unifier
two >u.irs. tiicre should 1 h? some
equilibrium, even taking into
account seasonal production
levels as out pm of crude would
he around C.btn tonnes.

But refiners, say the squeeze
on supply will remain until
probably 19S5, and even then,
on condition no more new
Lcences are approved.

Refiners say the 3ti plants in
operation locUy have an annual
capacity of 3.5m tonnes, and
are operating grossly under-
capacity.

Mida lias approved 69
licences for refineries, and
their approved capacity is 3.6m

tonnes, but the ultimate built*
up (approved or non-approved);
capacity could be as high as
5m tonnes.

A Poram delegation which
met Datuk Paul Leon?, the
Minister of Primary Industries*
to discuss the industry's prob-
lems last week, laid great stress
that the government should
no longer approve any more
refining licences.

As a short-term solution to
the squeeze, the government is
encouraging wear Malaysian
refiners to get supplies irom
east Malaysia and Indonesia,
and is considering lifting all
import duties on crude from
these sources.

However, lack nf shipping is '

a mam mn*trjtint. as crude

palm oil deteriorates fas* unless
properly Iran*- ported- 4

The basic ennllirl over prlca
nf crude nil is a lung standing
one between Malaysia's oil
palm growers and refiner?.

The Miners are angry that
growers are squeezing ihctn
hard 1 ii , c.ui*h» they control the
supply of crude.

According !■» Por.mi. local
growers arc getting more Unit
Rincgit 15n per (nunc itl prc.
mi u m over crude oil at Roller*
dam. even after deducting
freight and insurance charges.

“The palm oil growers are
doing well because nf us. Wc
are subsidising ihcm." com*
pl. uned one refiner.

There is some tenth in this.
While rubber cultivation is
barely profitable, even for the
biggest plantations, like
Guthrie, Consolidated Planta-
tion* and Harrisons, their palm
nil operations are standing up
well in the current recession.

Japan would ignore sperm whale ban

BY OUR COMMODITIES STAFF

JAFAN TOLD a special meet-
ing of the International
Whaling Commission l TWO in
Brighton yesterday that il
would not feel obliged to halt
sperm whale hunting in its. own
200-mile coastal zone even iT
the IWC voted for a ban nn
sperm whaling in the Norib
West Pacific.

At its annual meeting last
summer the IWC banned the
hunting of sperm whales in the
Northern Atlantic and the
Southern Hemisphere. A call

for a ban on the North-West
Pacific is expected to achieve
the required three-quarters
majority at this week's two-day
IWC meeting.

The Japanese have dismissed
conservationists claims that
scientists fear sperm whale
slocks in the area arc
threatened with extinction.

The IWC cannot enforce its
decisions, hut the U.S.. a lead-
ing anti-whaling member, has
warned that it would stop
Japan fishing in its waters if it

ignored an TWO-a greed bin.
Japanese fish catches off the
U.S. roast arc worth far more
than its .sperm whale catch.

Opening the mooting yester-
day. Mr Alick Buchanan-Sauth
Minister of Stare at the UK
Ministry of Agriculture said:
“ Obviously there are bound to
be some fundamental differ-
ences of view among members
nf the Commission, hut the
Commission provides the only
proper forum to discuss and
resolve these differing views.”

AM'.

BRITISH COMMODITY MARKETS

BASE METALS

TIN

i a m. -+or . p.m. '+ or
I Official - Unofficial. - .

BASE-METAL PRICES were mused on High Grade £
the ■ London -Metef Exchange*. ; Copper - • ‘

gave ground, reflecting the 'afternoon
downturn in Gold, while hedge eeWng
prompted minor fefle m Tin. Load end
Zinc moved narrowly as did Aluminium
end Nickel,

3 month»738Q-
Sottlam’t 71<
Standard- _

i a.m. |+ orj ' p.m. .+ or
COPPER | Official . — |Uno(ficial| — -

Straits E. ;S50.34
NowYork.

£. £ •

1 £

1 _-1W 7160-3

1-63

L-82.5' 7580-WB

'-no

.-100 -

1.

'—TOT 7145-55

Las

i -1M 7365-70

\-tb

-100 —

. ed. v a

NICKEL

e.m. 1+ or 1 p.m. j+ or
Official j — ; UnofflciaT, —

1

spot. !

5 mQnth»j

ii- |

; 3085-90 .+17.6, 307M5 1+7.5
3185-8 1+15. 3120-9 +16.6

Nickel — Afoming: Cash £3.085. titre*
months £3.125. Afternoon: Three months
£3.130. 25. Kerb: Three month* £3.130.
Turnover. 450 tonnes.

SYDNEY GREASY WOOL — Close (in
order: buyer, teller, business). Austra-
lian cents per kg. May 526.6. 527.0.-
526.0-521.5; July 529.0. 530.0. 529.0-
523.5: Oct 518.0. 513.0. 519.5-515.0;
Dec 523 0. 52A.0. 522.5-528.0: March
529.0. 530.0. 530.0-525.0; May 536.0.

SOYABEAN MEAL PRICE CHANGES

AMERICAN MARKETS

538.IL 335 TL 530.0; July 6*3.0, 545.0,
- 261.

the market opened easier, reports
T. G. Roddick, Cesh markets were
fairly quiet and prices remainod on
the defensive closing at opening
levels.

In tonnes unless otherwise stated.

543.0-539.0. Salas:

GAS OIL FUTURES

HlghGrd

Cash

3 mtl
Settlem

839-40 —3, j 839-40 !-5.5
I B66-.6 1—4,61 866.5-7 -6

mthsl B66-.5 r— 4,61 .5-7 -0

ain't] 840 ■ — 3 -*■ |

£"J 838-7 [-3j| 836-7 j-M

Cathodes

3 months'! 868-4 j-4j( 868-3 .
Settle m't [ 837 1-4 —

U.S. Prod.l - I — I ’74-76

-6.25

.-5.75

Tin— Morning: Standard, cash £7.130.
three months C7.-S0. 60. 70. 76, 60. 50.
Kerb: Standard, three months £7,360.
Afternoon: Standard: Three months
£7,360. 65. Kerb: Standard: Three
months £7.365, 75. Turnover. 1,810.
tonnes.

- t,enu> pounu. * w* in

tOn previous unofficial doss.

SILVER

The market opened on the Highs
end drilled lower in very ihm condi-
tions steadying later in line with New
York, reports Premier Men.

lismth ' jYdst’day'n + or I Business
Month ' c|oM , _ | Done

a-irii :+ or, pjd. .+ or
ZINO ; Official : — .OJnofflclal, —

Amalgamated Metal Trading reported
mat in the morning caeft Higher Grade
uaded at E839.50, 39.00. three months
£868.00. 67.50. 67.00. 86.00. 66 50. Kerb:
Higher Grade,, three months _ £867.00,
67 50; 68.00. 69.03, 68.50. 63.00. 68.50.
63.00. 68.50. Atwnono: Higher Grade,
three months £868 00, 87.50. 67.00.
66.50. Keib: -Higher Grade, three months
£867.00. 66 50. 67.00. 67.50. 68.00. Turn-
over: 14.775 tonnes.

i £ ‘ £ i £ •■ ■£

Cash 1488.5.9.5 —2.5 42B-.85 +WJ

Smooths. 434-5 TA 434.5-6 U 1

S' merit ..j 429.5 — SA — !

Primw'J* 1 —

Zlno— Morning: Cesb £429 00, -three
months £436.03, 35.50. j* 00. 34.50.
Keib: Three months £4i5 00, 35.50.
Alia moon: Three monehs £436.00, 33.50,
35.00. 34.S0, 35.00. Kerb: Three months
£434.50. 35.00. 34.50; 34.25. 34.00.
34.25. 34.50, 34.00. Turnover. 6,775
tonnes.

. Stiver was. fised Z75p an ounce
higher lor spot delivery in the London
bullion market yesterday at 402.7p.
U.S. cent equivalents of the fixing
levels were: spot 728. Sc. up 7.4c;
three-month 754.1c. up 6.8c; sijr-rrlorih
7792c. up 7.3c; and 12-montb 833 8c.
up 7.2c. The metal opened at 400-403p
(725-7300 and closed at 400*i-403 l rp
(S725-730C).

LEAD

start. ;+ orj p.m. •+ or
i Official j — lUn official. —

SILVER

per

troy oz.

Bullion

fixing

price

+ o

L.M.E. U or
pjn. ( —
Unoffic’l.

Spot ,j40S;70p

3 mQnths.414.70p

6 momti*4427.70p
13month*.455 JOp

+2.68

+2jBft

401.45p]-1.05
4 14.6 p |-1.IS

March ...
April.....

May

June!....

July

August..

Sept.

OcL

Nov

Done w

1

1

Yeaterdys 4- or
Close —

; Business

1 Done

April

June

August;

October.....
Dec

' £ I

per tonne 1 •' !

IW M -66.0 -0.35 -

150.88-41. D — 0.65, 1S1.2D.M.M
' 16BJ0 -61.0 -0.70' lB1.70-il.OD
151J0-S2.0 -OJO' 152.W-52.DB
154^0-54.7 -0.75| 134.80-54.69

Feb

April 1

156.0O-S7.0 -I.Ofll -

1K.DD-38.B—I.00, —

Mar. 23 * or , Month
1982 . - ; ago

SUA.

par tonnel

_j 876X10 l— 3.00 1278.50-78,00 "
...,| 260.50 '-aj0.262JO-5BJD
844.50 l-a.Ibl24BJW-4a.50
...I 841.85 8Jb242.7M7.00

... 841.00 — 1.7b 241.00-35,25
... 844.00 |-Z.2S,245JM«.M
... 846.00 — 4.oa'*4ejM3.M
.. 847.50 -5.b0847.BI)

...| 258.50 | — 5.5P| -

Sales: 99 (171) lots of ID tonnes.

SUGAR

Meta s

Aluminium

Free MKt,...„

Copper

Cash h grade.
3 mthe. ......

Cash Cathode.

3 rrrths
Gold troy oz ...
Lead Cash. . ...

3 mtha..
Nickel . . .
Free mkt

.£8101815

.SfOOblOSO

£8101815

10 5Wb0'D50

£839.5

£866.75

£836

£862.5

3332

£337.5

£346.75

£3824

255,285.-

-5.5 £862.5
-6 £890.5

'5J5 £860.25
-S5b £886.5
3.S S 363.75
4.2S £330.5
3J25 £340.5
. ..£5771.7
25J:e5o

Sales:

tonnes.

2.093 (3.310) lot* ot 100

LONDON DAILY PBICE— Raw sugar
£153 00 (£152.0) a tonne cif March-
April-May shipment White sugar daily
price 069.03 (£168.00).

The market advanced some £2 00 but
afier the ISO announced art increase
of 1.71m inns to nrltial export quotas
for this year all the gams wore lost,
reports C. Crarmkow.

T’tatln'mtr oz'y £260

Freamkt £176.65

Quiekelivert ... F390i40o.
Silver troy or... 402.7 Op

3 mthe 415.70,-»

Tin Cash £7150

3 mths .,£7367.5

Tungsten22.0 Ib'S 124.86 i.

£260
.0.65 £188.90

639i.40b

2.73435.20p

2.60 d 4 9. 70 p
—85 £6095
-85 £7695
SI 28.05

£ i £

Cash 335.5.6 '+1.78- 337-8 +4.25

oi monthS' 345.5-6 +1J9. 346.5-7 +&2S

Settlem't, 336 ,+I.B . — |

O.S.- Soot - ■ 2 7-32 _

Alumtnm- a.nt. +or p-m. .,+ or
i Official ; — Unofficial; —

| . .£ ■■ £ ; £ ; £

Spot 556-.5 :-4.Z6 556-7 +4

3 monthej -57B--.6 ^-4.5^578.5-9.6 |-»4.S6

UUE — Turnover: 87 (116) lots ol
10.000 oss. Morning: three months
417.0, 17.5. 16.0. WA 17* 17.2. 17.3.
17A Kerb: three months 417.5, 7.2.
Afternoon: -three months 415 JO. 14.5.
Kerb; three months 415.0.

GRAINS

The market opened lOp down on
old crop wheat. 10o up on new crop
wheat, while barley was unchanged.
Barley new crops siw strong com-
mercial buying and closed firm. Once
again the volumes traded were very
low. Aeli reports.

No.*

Yesterday

Previous |

Businas*

Con-

tract

close j

1'

close :

dona

Wblfrm 22.4IObe 5111:115

Zinc Cash £429.125-

3 mtha £454.75 ,

Producers. ... 8860i900

. . . S124 I5S
0.12b C459.SS
, 1 £445.5

:$MSf3S0

Oils

Lead — Morning; Cash £335 50, three
months £345.00. 48.00. 45.50. I Kerb:
Three moniha £346.00. 47.00. Afternoon:
Cash £336 00. 38.50. three months

r347.00. 46.60. 47.00. Kerb: TTiree
months £346.00. 46 50. Turnover. 7.125
tonnes.

Aluminium— Mommg: Cash £557.00.
three months £582.00, 81.50. 81.00,
80.03. 79.50. 79.00. 78.50. Kerb; Three
months £579.00. Afternoon: Three
months £578.00. 73.00, 79.50. Kerb:'
Throe months £578.50, 79.00, 79.50.
Turnover: 13.150 l nones.

COCOA

-

I KRUGERRANDS I

EDUCATIONAL

I SOVEREIGNS I

1 Other Gold Coins |
B Brought & Sold I

I VVrus Coins Li m iied ■

I 7* Duke 8 treat. Grosvenw Sqqero 1
B London W1M DJ B

■ Tel: 01-829 3301 - Tofex; 291211 ■

f Career Problems? ?

7 7

? ?

A Careers advisoryaemlnarfortBcent 7

- pubhe/sixih lorrn schnol leavers on A

I Saturday 15ih May -in Condon I-
7 sponsored jointly by Hobsons, 7

Sf Cambridge and ASL , 7

A' A test evaluation of individual 7

- potential using canputertamiMls -
7 will precede ihe seminar.

7 true rests.' aptitudes and tempera- ?

7 ment wplored in relation U) careers. 7

PERSONAL

? Hdp with job search and self !

7 presentation. 7

7 Course 'outline .and application .7

: Cambridge,

7

FACT

• THE NUMBER OF
SUFFERERS

7 orfefephona

7 Miss E Tonis

■ Cembridtje

? CS (0223) 3545^1

m?
4* ?

uu ?

OF THIS DISEASE
is mcimsiDg —

ART GALLERIES

DIABETES

■ 4 ' '

Join ns — Help tts

BLACKMAN HARVEY 6ttUWT.il.
Mason* Aruk, ECZ. 01-726 SDZ.
GRAHAM CLARKE— Watcrcokwre. Draw-
ing*. Etchings: iatn Merch-ath April.
Mondav- Friday 9-5-30 o-m- Saurday
10 am-z em.

Support us

BROWSE 6 DARBY. *9 Cork 5f- W7 Ol-
734 7984. Brttrsn Paintings a Drawings.

BRITISH DIABETIC

association

10 Queen Anne Street
London WlM OBD

MATHAP GALLERY. 32. Motc«"h. StreM.
London. 5Wt. Tel 2S5 pOlO. Specialist*

In 1 9rfi centtry and • Contomporarv
Paintings in Arabia-

ALPINE GALLERY. 7*- South Audkr
SRect. Wl. 602 1782. ENGLISH

WATERCOLOURS. 17.50.1930. 22 -27

Mareli. lo.SJB:-TO-1 Sat.

SAHDFORD GALLERY, 1. Mercer Street.
WC2. Elgbtoenth & Nineteenth Cottunr
Art. Tim^sat. 12-3J0 pm. -

Trade and commission house selling
in 'thin conditions depressed futures
for prices to trade ri nine-month lows.
Producers remained well above current
levels while manufacturers showed only
madcct inter esi to replace cover, re-
ports Gill and Duff us.

WHEAT I BARLEY

•.Yeeterd’ys' +or lYost'rd'y* +or
Mnth! close . — J close ; —

May....
Aug ....

Oct

Jan

March

May

Aug—..

£ per tonne

:i«L1D 60,22. 160.00-60. W 162.00 66.75
i IE5.3B.B3.4Q; 164.b0-64.7b 1Bb.50-65.25
r1Ga.Zb-E8.50: 169.66-B8.7Bfl7tL60-68.76
T7l.5D-7r.bO 17SL2b-73.5D 175.00
t t77 JB.77.25l 177.60- 77 J5 : 178.76-77.50

IB0J50.M.6D: J80.25-80.76 18 1.00-80.00
1186.50-36.60,162.50-85.25 183.00

COCOA j

Yoe'rday's
Close |

.+■ or Business
— Done

J

1005.14

-50.ol 1032-938

May 1

1016-17

— ZS.O( 1044-05

July i

1044-45

—26^1 1072-34

1075-77.

-34.6' 1301 65

1106-07

—34.51 1131-99

1140-41

-19.0t 1160.30

May .1

116568

i-3lil 1175-56

May J 116.35 -- 0 . 10 ; 109,90 1-6.05

July-! 119.60 j— OJ2BI - : —

Sept.; 106.70 + 0.15 103.70 1 + 0.20

Nov-. 110.40 +-0.10I 106.36 +0J0

Jan...' 114.35 .~QX>. 110.30 I+0.1G

tonnes.

ICCO — Daily price tab March 2*:
82 82 (84.56):' - Indicator pnee for
March 25: 8407 (86JJ1):

COFFEE

Despite e wave oi protective buying
the early rally 'failed to attract any
follow-through' support and •values Tell
away ur tho face of long- liquidation,
reports --Drexel Burnham Lambert.
Arbitrage selling against 'e lower “C"
market prompted further lassos end
recant support levels ware severely
rested at the Close.

' Business done— Wheat: May 1 16.40-
116.20, July 119.75-119.55, Sopt 106.80
only. Now 110.50-110.40, Jen 114.50-
114.35. Sales; 96 -lots of 100 tonnos.
Barley: May 109.90 only. Sepi 102.70-
102.50. Nov 10820 only, Jan 110 35-

110.30. Seles: 46 lore of 100 tonnes.
LONDON GRAINS— Wheat: U.S. Dark

Northern Spring No. 1 14 par cent
April-May 10 113.75. Mav 113. Juno
112.75 transhipment East Coest sellers.
English Feed lob March 116 East

Coast. April Tffi.50 Bristol Channel.

May 120 50 East Coast sellers. Maize:
French Merch 133 transhipment East

Coast. S. Alncan White Apnl-May

79 00 seller. S. Alncan Yellow April-
May 79.00 seller. Barley: English Feed
fob March '111 paid Lowestoft, May
114.50 East Coast seller. Rest
unquoted.

HGCA— Locational es-larm spot
pneoa. Other milling wheal: Eastern

114.30. Feed barley: E. Mide- 107.80,
N. East 108.30. Scotland 109.10. The
UK Monatarv Coefficient lor tho week
beginning Monday March 23 is
expected to remain unchanged.

Sales: 3,957 (4.699)- lots of 50

tonnes.

Tate and Lyle delivery pries (or
granulated basis white nuner was
£374.00 (same) a tonne lob lor home
trade and £262.00 (£261 00) lor export.

Internal lona! _Sugar Agreement (U.S.
cents per pound) lob and siowad
Caribbean ports. Prices for March 23:
Daily prlco 11.28 (11.17). 15-day

average 11.29 (11.35/.

COCOnutfPhil) S477.5z -2.5 S515

Groundnut .... S6SOy :

Linseed Crude' : £450

Palm Malayan S507.5x : S510

Seeds

Copra Pit Up ... S530v i

Soyabean (U A) S266v —0.75 *255

Grains

BarloyFut. Sep£102.70 ♦0.20 £110.00

Maizo £133.00 ... . :

Wheat Fut July 11119.60 — 0.15 £114.20
No.2Har<jWlnt| i \ £116.50

COTTON

Other

commodities

Cocoa ehlp'r £1027 -28 £1202

Future MayX1016.5 -28-£1166.5
Cof Ice Ft' May XI 197.5 —42 £1285.5

Cotton AJndex 70.65c S9.65o

GasOil Apr 6260.5 -2.5.8266.5

Rubbor ifdle;.. 54p - 1 44.,5p

Sugar iRawi £153 ex - l £167

Woolf pc 64s kl.|392p kilo o&rpkilo

NEW YORK. March 24.

Precious metals continued firm la
strong on various infarnotiana irensions
and on a reported lack of Soviet gold
sales. Coppar finished higher on
expectations ol further production cure.
Cotton wee lower nn iKjht selling
triggered by early redemptions from
government loan programmes. Heating
Oil was higher on Middle East tension
and technical buying. Sugar was lower
as trade hrg>n to soil in aniicipation of
rising surpluses during ihc current ciop
year Cocoa was sharply lower on
technical and lunda mental soiling ns
Nigeria was reported to he a Heavy
seller Coffrn prices collapsed on
general liquidation <n response in an
easing of near-by dohveues. repotted
Heinold.

Copper— Match 68 25 (07 65). Apnl
68.45 (67.901. May 69.25-69 35. July
71. 10-71.20. Sept 73 00. Der 75.30. Jan
76.15, March 77.75. May 79.45. July
El . 15. Sept 83.85. -Dec 85 35. Jan 86.10.

“Gold— March S3S.3 (326 4). Ann!
334 0-374 5 (227 Qt. May 338.5 Junn
241 a:4t.S. Aug 248 0- 750.0, Ot-t S55.S.
Des 3G4 0-565.0. Fob 372 0. Apnl 330 3.
June 383.9. Aug 397.5. Oct 406.2. Dec
414 g

•Platinum— April 320 5-321 .0 (212 7).
July 323 0 (320.3). Oct 235.5. Jan 347.4.
April 259 3.

Potato*; (rwind whites) — Apnl 77.5
(77.8). Nov 77.1-77.5 ( 77.4). March
87 64» 5. Sales: 321 .

^Silver— March 723 5 (717 5). ApiU
730.0 1720 0). May 728 5-740.0. July
757 /. 759.0. Spot 776 0. Dec SIM 5-805 5.
.Ian 811.4. March 829.1; May- 846 8. July
564 5. Scpi F52 2. Dec W3 5. Jan 017.5
Handy and Harman bullion spot: 12850
(same).

Sugar— No |l: May 11 37-11.28

HI 58|. July 11 65-11.67 111 83). Sept

11 08. Oct 12.14.13 16. Jan 12 36. March

12 91. May 13.18.12.19. - July 13.35.
Safes. 9.001.

Tin— 605 00-60700 1610 00-612 00).

CHICAGO. March 24.
Lard— Chicago Inoen 20 50 (20 00).
Lhm Cattlo— Apnl 67 55-67 90 (67 37),
June 65 70-65 65 (65.20). Aug 62.30,
62 95. Oct 61.05-60 95. Dec 61.30-61.25,
Feb 61.10. April 61 35.

Live Noge— April 51 35-51.25 <5J.77>,
Juno 55 00-55 10 (55 45). July 56 OS-
56 15. Aim 55 40-5 30. Oct .125.53 12.
Oac 53 80-53.90. Feb 51.6CU1AO. Jura
49.80.

tIMeuro— Mey 272-272», (2701;). July
(3WI. Scpr SS5.3RL Ooq
290-290i«. March 304. 203V May 512
* -Pork Bellies — March 75 95 (77 70) .
May 76 40-76 V 1 77 SB). July 76 25-
76 50. Aug 74 00-74 73. Fob 71 32-71 80.
March 72 30, May 72 70. July 72.37
t Soyabeans— May «1i.64>V.- fS?6),
July 64t>i...EJ7».* {644< 4 l. Aug 64 7i.. Sent
648. Nov 652.652. Jan 665. March 6794.

II Soyabean Meal— May 185 3.153 4
(184 6). July 1SS '1-188 1 (187 8). Aug
189.5-190 0. Sept J3.1 5-T9MT Oct 19T.3,
191.5. Dr; 194 0. Jan 196 0.

Soyabean Oil — Mtv 19 10-19.13
(19 C2). July 19 57-nra (10 51). Aug
19 70 Srpt 19 60 Dei 19 95. Dec 20 ZO,
Jan 20.30. March 20 50-20.55

tWhoal— May 37m,.T7nv (3721,). J.rly

376 3751.- (379). Scpr 33TU. Dec 40^'i-

404*,. March 417',. May CM

WINNIPEG. Mireh 24.
bBarfey— March 1M30 < 118.50). May
122 60 (122.00). July 124 40. Oct 125.70,
Dec 126 50

IWtnat— 5CWRS 13.5 per cent pro-
tein content ed Si. Lawrence 222C9
(221.99).

All corns per pound a --wire ho use
unlnss nthenvise stJied. * 5 per troy
ounce * Ccms net trov ounce.
M Corns per 56-lb bushel, t Cents
per CO-'b bushel '• S OCi shor; ton
ir.fOa Ibl ft SC.in pc metric :.m.
SbS per 1.000 eg fr t Cent* per
doecn. (( 5 per metric ton.

Tuesday’s closing prices

LIVERPOOL— Spot end Shipment setae
amounted to 165 tonnes. Moderate'
teadmg developed with Control and
South American growths in request.
Users also wanted East pnd Was:
Alntwrr varieties.

X Unquoted, v April, z March- ApriL
x Mey. y April-May. u Ml y June, t Per
76 lb flask. * Ghana cocoa, n Nominal.
5 Sellar.

POTATOES

LONDON POTATO FUTURES — April
was initially firmer, but selling wan
mat by little buying Interest she* early
trade, and the 'pnca slipped through
The day. Nov and Feb also foil in
erratic trade, reports ColBy and Harper.
Closing prices; Apnl 135 23. —1.60
(high 137.40. low 135 00): Nov 67.30.
-1.50 (high 68.70. low 67,30) : Fob
78.50, -0.90 (high 79.00. Jo tv 78.40).
Turnover 548 (429) lots of 40 tonnos.

MEAT/VEGETABLES

- Yesterday >.< 1

COFFEE J Close f-f or SuelnnM

I — — r \ — Done

£ per toniis; j

March 1 1875-80 , -17.8 14I5-M0

May «...

July.

Sept-,........

Nov«....

January-,...
March

11B7-83 48.0-1255-195

1158-59 !— 35.5,1205-758
1140-41 i— 55. Oil 165-40
1132-36 f— 58.011175-36
rx nh 1 KC.W

12-36 »— 88.01 117SJ56
1125-35 -55.6, 1 1165-50
1112-25 | — 28.01 -

RUBBER

The London physical market opened
higher, attracted fair interest through
the day and closed steady. Lewie end
Feet recorded an , April lob once fof
No. 1 RSS In Kuala Lump ur of -2C8.5
.(207.5) cento 4 1=3 «nd SMfi 20 183.0
(seme).

Seles: 5,208 (4.142) iola'of 5 tonnos,
ICO ladfeator prices for March 23»
(U.3. canii per pound): Camp deify
1979 128.48 (125-40): 15-day. overage
131.38 (131.87}.

No. 1

Yoat’r’ys ] Previous

; Business

RAS.

cJosb J close !

! Done

!

WOOL FUTURES

'April ...!M.9MBJ0|

May. |B6.8M6£h

Apl-Ins 65,60- 96. E®

Jly-Sept! 63.70-58 JCJ
. . Oot-Deci 69.60-63,73 1

LONDON NEW ZEALAND CROSS. Jan-Mari 61 JWjt.Wj
BREDS— Close (in. order: huysr. sailer, tei -Jn« g.BB-H-M
bue(nesa). ' New Zeeland cents por kg.

March 383, 380. nil; May 383. 394, Oct-POC 68.90 67.W

— . ... — Sales: 1.549 (610) lot* ot 15 tonnes,

nil (1) Iota oi 6 tonnes.

Physical closing prices (buyers)
were: Spot 54.00p (53.00p); Aprl!

53.25p (32.50?) : May 63.25P ,(St50p).

SS.WJ-S4.10j -

&4.76-SSJDI bU0-55J»
68. 10-68.89,' 5S.1M7.K)
fi9.ISS9.S0 60.00-60^0
60 JIM0.6W 61.4M(L90
62.tg42.8d' 62.M
6SJ648.HI 6b.D0-MJ0
66.19-66^0' 67.1866.60

'Muy atlUe -*j*e Y|« '““a —k

409. 41 a' 411-407; Dec 410. 411, 414,
409; Jan 411. 412. 414410: March 422.

’ SMITKFIELD — Pence pgr " pound.
Beef: Scottish killed sides 83.5 lo E8.0;
Ulster hmd Quarters 96.0 tp-SB.5, fore-
quarters 63.0 to 66 0: Eire, hmdau errors
96.0 to 100 0, lorcqunricrs 82.0 lo 65.0.
Veeli Dutch hinds and ends. 174.0 to~
129.0. Limb: English small £5D to
94-0, medium 88.0 io 82.0. heavy 84.0
to 88.0. Scottish heavy 84.0 to B3.0J
Park: English under 100 lb 46.0 to 560.
100-120 lb 46.0 to 54.0, 120-160 fb 42.S
to 53.0.

“ MEAT-C0HM15S10RP— Average Fat-
stock pnees at repreaentarivo maikets.
GB— CjiiIb 101 &p per kg lm (+0.C2).
UK— Sheep 220.l5p per kg’ esi dew'
f — 1.20). GB— Figs 76.76p per kg Iw
(-150)

COVENT GARDEN — Prices for the bulk
ol proddee. in starling per package
except . where athem/isa . stated.
Imparted Produce: Oranges— Span in:
Navels 42/130 < 60-5.50; Cyprus:

Valencia Lalas 3 80-4.50; Jails: Shamouti
50 5 50. 60 5.70. 75 5 60. 88 5.60,
ICS 5.45. 123 5.20, 144 5.20. 168 B.15:
Moroccan; Valencia totes 48 @ 113

3.60-5 00. Meadoros— Cyprus: 52/72
4.50-5.50. Temple*— JiTa: 4.S0-6.00.

Aug 445/ 448. 444-443. Salas; 331.

Mandarins — Spams: 4.00-4.80. . Korea
4.00-4^0. Lemon*— Cyprui: - 2. 50 -3 0 0}

-Spams- 40/50 1.40-1^0: Jafla: 105 4 60:
U.S : 6 00. Outspan: ice's 5.09 Grepe-
Igrurt— U.S.. Texas Ruby fi 50-7 CO,
Honda Ruby 6 C0-8SP. Cyprur Lame
cartons 3.4O-4.C0. small cartons 2 60-
3 20: JaHa: 27 4.35. 32 4.55. 36 4 5?'.
40 4.7S. 48 4 93. S6 4.60. *4 4 DO.
75 4 CO. 68 3.75. Moroccan 4P.-64 J CC-
D.6P. ' Ortaniques— Jamaican. 64/115

£ VJ.9.C0. Apples— French New crop.
Golden Delicious 20-lb D.C03 £j. 40-lb
6C-.'-S.C3 Chilean: Gianny Smith 11 5G-
l2.rO. Canadian: Red Delicious 5 5C-
12.00: U.S.. Red Delicious 9 CO-r,.59.

English Produce; PotBloos — Per 55-lb,
White 3.20-3 60. Red 3.40-4.09. limn
Edwards 3-70-4.50. Mushrooms— Per
pptiud, open 0 50-0.60. closed 0.60-
0 80 Apples— Per pound. Bremley
0.20-0. 30. Coe' & 0.25-0.40. Pears— Per
pound ‘Conference 0. 14-0.22. Cabbages
—Per 30-lb bag. Celtic -'Jen King 3 00.
Savoy*— Por 3CMh 2.50-3.00. Lottuce—
Per 12. round 1 .20-1.50 Onions— Per
55-lb 40/80 mm 2 00-3.00. Carrots—
Per 26/26- lb 1.00-1.20, Iona 1-20-2 00.
Beetroots— Par 28- fb, round 1.00-1.20.
lonq T.20. Swedes — Pot nat 0.90-1 20.
Rhubarb— Outdoor 0.12-0.14, Indoor
.0.15-012. Leeta-Per 10-lb IJO-I^O.
Parsnips — Per 26/28- lb 1 .00-1 .40.
Turnips— Per 26/28- lb 1.00-1.40.
Cucumbers— Per osekage 2.SM.0Q.
Calabrese— Per 9-lh 3.60. Greens—
Por 33-lb Cornish 6. 50-8. 00. Kent 30- lb
2 50-3.00. CsuliWawrore — Per 16/24.
Cnrn.sh 5.00-6.00. Kent 3 KM 00.
Tomatoes— Por pound D/E 0-30-0.45.

GRIMSBY FISH — Supply lair, de-
mand good. Prices at ship's side (un-
processed) par etono: Shelf cod £4.00-
£4.60, CBlhne £2.80-£3.63; largo had-
dock £4. 00- £4 60, medium n.3Q-(3 90.
smafl £1. 80-12. £0; large plaice £3.00-
£3.50. anedtum £2.20- best smell
£2.70*0.00: lemon soles, large, £13.50;
medium. £11.50; rockfish £3.80: 301 tho

ci.ao-cz.5o.

NEW YORK. March 23
ft Cocoa— Muy 1140 (175B1. July

1780 (Ifionj. srpt 1831. Doc I860.
March 1920. Salcr: 1.575.

Coffee—'.' C " Contract: Mnv 1?6 75-
t»'M J134 44), July 129 70-129 50
(177 46). Soot 125.25-125.50. One

122 50-123 DO, March 118.00-120.00,
May 116 00-119.00, July 115.00-116.00.
Sales: 3.445. . .

Colton— Nn. 3: May 66 25-66 30

(66.25). July -fi8.2B-68.3S (68.24). Oct

7n '•■0-711 15. Dec 71 63 71 70. Mereh
7130. Mav 74 45 75.00. July 75 78-
76 25 Seles; 6.606.

Orange Juice— 117 95 (117.00V.
July i:o 70- 120 90 {119 901. r,*pt

133.10, Nnv 1^4 80. .I.i n lKril.126 40
March 128 05. May 129 70-12)85, July
131. 30-1 Jl. 50. Salo-.. TOO.

CHICAGO. March' 23.
Chicago Imm Gold— March 32R.7
(323.3). June 334.0 539 5 (3312), Sept
345 0-345 3. Dec 356 0. March 567^6.
Juno 379.5, Sept 391.7.

EUROPEAN MARKETS

*1 2*1. Jan 2G6 50. Feb 269 50. Marot
27". 25 rcIlDrs.

• ROTTERDAM. Much 24 ‘

Wheat — lU S. S per. tornn): U S.
Nc 2 Dirt Hard Winter. 13.3 vor rent;
Apnl 20S U.S No. 2 Rnd Winter: mid*
March, imd-Apnl 16S. April 166. U S.'
Nn. 5 Amber Durum: Apnl/Muy 184.
June 183. July 184. Aug 185 U.S
No 2 Northern Spi-ng. 14. per coni:
ApM/M4y JO 187. May 1S5.75. Juno
185. July 185. - Au»- 185.- - Cana lire ■>
Western Rod Spring: Apnl/Mey 203.
Malta — |U fi. -S per tonne): 115.

No. 3. Yellow. Spot 135. Afloat 135,
March 132.73. April 131. May 123.30.
June 129.50. Juiy/Sept 130 50. Oct/Doc
132.- Jan/March 139.50 sellers.

Soyabeans— <U. 5. S por tonne)*- U.S.
Nn, 2 Yellow, Guflpoits: Apnl 260,
May 239. Jim 239. July 259.73. Aim
260.75, Sept 261. Ort 257, Nov 257, D«

Soya meal— (U 3 S per rrwn*). 44
per ton: proiero Afloat 241 traded,
Aflo.11 242. Mirch 2i7.50. Apr, 1 228 a.
May JIB. Aoni.'Srr: 223. NnVfMjrri
240 srllBia. BmhI Pe'lcts Afln.it 3*1 50.
Apr.l 237. May 2J7. Mav. -Sent 237
sc.’fort Argcn: no Fr;ie:s April 233.50,
May 233. July/Aug 231.50 sellers,

PARIS. March 24

Cocoa — (FFr per ICO i.iao) March
1122-1150, May 1149.1150, July 1200,
Sept 1253. Dec 1279. Mjrdi 1325. May
1335 askoci. Saicc at call: 5.

Sugar— (FFr por tonnrt: Mav 1905-
1907. July 1909-1924, Aug 1955-1957.
-Oet 1925-1935. Nov .19:5-1355. Dec
1930-1340, March 2Q2R.3MO, May 2Q8S*
2085. Sales ot calf; ID,

INDICES

FINANCIAL TIMES

Mar. 23iMar. Z2.Montti agojYear~aob

DOW JONES

Daw | Mar. | Mar. , Month) Year
Jones ■ 23 | 22 , ago ) ago

Spot 1125.03 -'124.35 '126.841 —
Flrtr's .128.93 jl30.Q2 -132.87i —

(Average 1224-25^8-100)

246.66 :245.49 1 244.19 | 260^1
(Base: July 1. 1952-100).

MOODY’S

REUTERS

Mar. 23 Mar. 82 Month ago Year roo .

Mar. 24 ;Mar. 23; M'ltttt agoYear ago

399.9:997.5' 996.6 !- 1155.9

1591.5 1592.5 1607. B 1 1700.1

(December 81, 1931-100}

(Bmi: September 16, 1331-100}

1

rcs - .

• :.. >: r -/tai*

36

Computes and Markets

LONDON STOCK EXCHANGE

Gilt-edged ease on profit-taking but shorts bold firm
Equity interest centred on companies in the news

Account Dealing Dates
Option

‘First Declare- Last Account
Dealings lions Dealings Day
MarI5 Mar 25 Mar 26 Apr 5
Mar29 .Aprl5 Apr 16 Apr26
Apr 19 Apr 28 Apr 29 May 10

* ** New time " deafings may taka
P**ee tram 9J0 am two business days
saritar.

After a steady to firm open-
ing, the recent upsurge in
longer-dated Gilt-edged stalled
yesterday in tile absence, of
fresh support which led to
profit-taking.. Short-dated issues
still showed to advantage follow-
ing the downtrend in U.S. and
Eurodollar interest rates.
Further encouragement on this
score came with yesterday’s
announcement of a small Ameri-
can bank reducing its prime by
§ to 16 per cent

Gains in short-dated stocks
generally ranged to after J.
Later dates closed a shade. above
the worst ‘but with widespread
falls So 1 in Hie mediums and to
i in tiie longs. The Government
Securities index gave up 0.42 at
69.13; at Tuesday’s close, the
index bad registered a rise of
over 2 per cent in the two weeks
since the Budget.

Index - linked securities
reversed the recent downturn
with gains to J. but £5 O-pa id
Treasury 2 per cent 19®, which
met a poor response at applica-
tion last Friday, eased I store
to 49}.

Equities disappointed after
the previous day's improved
volume of trade, but interest
was sustained (by a lengthy list
of company trading statements.
Leading shares generally

showed small mixed movements
and the FT 30-share index
moved within & range of only
3.1 throughout the day; up 1.4
at noon the index ended a net
L7 down at 56SL6. Of the con-
stituents, Lucas Industries fell
12 to 195p ahead of today's in-
terim statement, while Distillers
gained 5 to 175p in sympathy
with Arthur Bed’s 52 per cent
half-year profits increase.

Eagle Star easier

A good business was trans-
acted in Insurances with interest
centred mainly on three com-
panies reporting annua! figures.
A particularly good market of
late ahead of the statement.
Eagle Star reacted to 37 Sp on
disappointment with the profits
before closing a net 3 cheaper
at 3S5p. The 74 per cent in-
crease in underwriting losses
saw Prudential retreat from an
initial firm level of 240p to 23Qp-
before finishing a few pence off
at 232p, while London and Man-
chester fell 12 to 260p on the
lower earnings and final divi-
dend omission. Further con-
sideration of tiie results left
Equity and Law 6 cheaper at
428p but Hambxo Life found
support at 31fip, up 4, after 322p.
Still drawing strength "from a
broker’s recommendation and
WBtis Faber’s impressive
results, Lloyds Brokers made

further good progress. Willis
Faber added 7 for a two-day
advance of 19 to 445p.

The major clearing banks
perked up in thin trading.
Midland put on 8 to 350p.

Arthur Bell attracted an
active two-way business follow-

FINANCIAL TIMES STOCK INDICES

24

23

Government Sec*

Fixed interest i

Industrial Ord M „
Gold Mines

Orrf. Div. Yield
Earning*. YM.£(fulD>
P/E Ratio (net) l*).

Total bargain*

Equity turnover
Equity bargain* ^...J

264.8

5.58

10.68

11.91

19,893

5.5?j

Mar.

Mar.

. I

Mar.

22

19

18 1

59.06

68.45

68.30)

69,51

69.03

68,90|

558.1

562.7

556^;

240^1

234.4

233.0

5.62

5.59

5.65

10,7®

10.69

10.55

11.84

11J0

12.15

1 A

Mar. • year
17 i ago

24,020] 21,01C
180,70; 101J

18,408^19,781

- 121^481 1B,C

135.88) 118.26
14,759 15, 9E

10 on 564.3. 11 am 545 -Z Noon 565.7. 1 pm 565.2.

. 2 pm 563.2. 3 pm 663.5.

Basra 100 Govt. Secs. 16/10/26. Raced bn. 1928. fadtraoai On).
1/7/35. Gold Mines 12/9/56. SE Activity 1974.

Latest Index 0T-24S 8026.

• Nil = 10.81.
t Correction.

HIGHS AND LOWS

S.E. ACTIVITY

1981/2 Sinoe Compllat'n 1

High ' Low High : Low

Mar.

23

Mar.

22

Govt. Sac*„. 70 6J | 6Q 17

-Daily

127.4 | 49.18

;(2D,'Sf81) [f26/10.'81)l [9/1/551 , (8/1/75)

Bargain* „i 235.9^ 210.6

'Equities .

Ind.Ord S97.3

Fixed (nt : 72.01 I 61.61 ■ 150/4 ! 50.53 i Bargain*..!

i(20/5/8T) j(SS/W/8lua/ll/47) (5/ I/TH) ; Value |

.. 597.3 446.0 j 597.3 ! 49.4 ‘ JatEdSH*’-
(00/4181) |l 14/1(8 1 1 (80/4/81) 1K/6/40) I

809.2 j 558.9 ; 43/5 lEauities
(9/3/82) 472/8/80) ,(28/10/711; Bargain*...)
1 / 1 Value ’

Gold Mine

,.i 420.0
i(14/9;«T)

137.7' 107.7
365.4! 2052

200.6- 191,3

II LB 107.9
3752 261.1

tug the excellent interim results
and finished 12 higher at 186p.
Other Wanes and Spirits bene-
fited from the announcement,
notably Distillers, 5 up at l<ap.
after 177p, and Invergorden. 3
dearer at 159 p. AHied-Lyons
eased a fracaorf to 83p following
the death of chairman and chief
executive Sir Keith Showering.

Leading Buildings plotted an
irregular course in thin trading.
After the previous day's jump
of 10 on the good preliminary
results, Falrdough Construction
touched 16Sp before dosing 2
dearer on balance at 166p.
Demand ahead of the interim
results, due on April 5. lifted
Bryant Holdings 3 to lOlp.
Sheffield Brick encountered
selling and reacted to 40p before
dosing a net 4 cheaper at 41p.

ICI fiuctunated narrowly in
quiet trading before closing 2
down at 324p. Stewart Plastics
firmed 3 to a 1981-82 peak of

126p.

Brokers upgrade Boots

Boots dosed 5 up at 218p,
after 320p, on reports of a
broker’s upgraded profits fore-
cast Other Store majors im-
proved in sympathy, although
most closed a shade below the
best Marks and Spencer
finished a penny dearer at 153p.
after 154p. Burton continued to
respond to Tuesday’s interim
statement and firmed 4 more to
175p, while the Warrants added
3 for a two-day gain of 9 to 75p.
Disappointing -first-half figures
left James Walker a penny
easier at 56p. Church firmed 3
to 178p despite the annual
profits setback.

Annual profits for BICC in
excess of £100m bad already
been' wen discounted and the
shares, firm of late, succumbed
to profit-taking on the -wake of
the excellent figures to close a
net 10 down at 335p. Other
Electrical majors drifted lower
as interest -waned. GEC ended
8 off at 820p and Thorn EMI 4
cheaper at 42Sp. while Plessey
relinquished 3 to 380p. After
the previous. day’s fall of 10 on
the placing of a 10 per cent
stake at 496p per share. Stan-
dard Telephones and Cables
rallied 4 to 527p. Tteflectmg the
success of the £1.89m rights
issue. Security Centres im-

proved 3 to 151 p. Bowthorpe
rose 7 to 224p on buying ahead
of Wednesday’s p re tan inary
statement.

Confirmation of the widely
expected rights issue— calling
for £23 -3m of shareholder’s
funds — saw dealers open
Tickers sharply lower at 152p
but consideration of the accom-
panying annual profits which
came at the top end of market
estimates prompted a good rally
which left the shares only a
couple of pence cheaper at 15Sp
by the close. Elsewhere in
Engineerings, Rotork stood out
with a jump of 7 to 50p in
response to the better-than-
expected results, while Percy
Lane- advanced 5 to 53p. after
55p. on the preliminary figures
and proposed 50 per cent scrip-
issue. Demand ahead of tbe
results scheduled for April 5 left
Ash and Lacy 7 to the good at
290p, while G. M. Firth im-
proved -4 to 201p ou the com-
pany’s acquisition of a 12.2 per
cent shareholding in Howard
Teneus; the latter eased a penny
to 63p, after 66p.

Lade of support and occasional
selling made for dnH conditions
in the Food sector. J. Sal ns bury
shed 10 to 5 Top, Associated
Dairies 4 to 13Sp and Tesco a.
couple of pence to 62p. Northern
eased 4. to 160p. while British
Sugar touched 445p but finished 5
cheaper on balance at 435p.
Trading statements were respon-
sible for several notable move-
ments in secondary issue. Bine
Bird Confectionery, a rising
market ahead of the interim
results, encountered profit-taking
following the announcement and
(dosed 5 down at 5Sp. Specula-
tive counter Albert Fisher gained
3 to 47p despite announcing a
half-year loss and a proposed
£385.000 rights issue. Following
annua] trading statements,
Clifford’s Dairies ended 3 to 131 p.
but J. N. Nichols (Vimto) shed 2
to 338p.

Dealings in Queens Moat
Houses resumed following the
£30m acquisition of 26 hotels
from Grand Metropolitan; the
shares opened at 33 ip and
touched 36p before .closing at 34p
compared with the suspension
price 34ip.

A lengthy list of company
announcements provided plenty

of interest among secondary
miscellaneous industrials. Sock-
ware stood out with a rise of 8 to
Tip ia response to the better-
than - expected preliminary
results, while BestobelFs an ^ uaj
figures pleased and the dose
was 15 dearer at 36$p. Htpworth
Ceramic, on the other band, lost
5; to llQp on disappointment
with tbe modest 8 per cent
increase is preliminary profits,
whit* Berwick Timpo feH 4 to
33p on the annual deficit and finsti
dividend omission. Maynards
reflected the lower profits with a
decline of 6 to I82p and Water-
lord Glass relinquished 2 to 20*p
following comment On the results

Ricardo advanced 15 to 472p
after further consideration of
tbe satisfactory interim figures
and still hoping for benefits from
cable television,. BET advanced 7
more to lS2p. J. Blbby, 365p,
and Diploma Investments, 250p,
gained 10 and 12 respectively,
while Beatson Cart: gained 6 to
20Sp and Royal Worcester 7 to
lS7p. Associated Communica-
tions Corporation **A” cheapened
2 more to 99p awaiting further
developments; the bid from TVW
Enterprises ig not to be referred
to the Monopolies Commission.
The leaders were mixed-
Bowa tor, 245p. and Reed Inter-
national, 274p, both rose 4 -

Selected travel issues attracted
revived support. Horizon rising
7 to 392p and Intasun 4 to 144p.
Owners Abroad, a neglected
market of late, put on H to 26|p.
but Saga, awaiting today’s
interim results, shed 2 to 16lp.
Elsewhere in the Leisure sector,
Riley Leisure Shed 4 for a two-
day fall of 12 to 113p on the pro-
posed £3.3m rights issue.

Motor and Aircraft component
suppliers finished with sizable
losses in places. Adverse com-
ment clipped 3 from Dowrty, 117p.
and 12 from Lucas, 195p; the
latter’s first-half results are
expected today. * Armstrong
Equipment fell 4 to 2Sp on tbe
mid-term deficit and reduced
interim dividend.

Pearson Longman continued to
attract strong speculative sup-
port and rose 15 to 305p awaiting
farther developments concerning
the prospective minority offer
from parent S. Pearson, 6 higher
at25Sp. Elsewhere in Publishers,
renewed support was evident for
William Collins A, 9 up at 192p.
Preliminary results from DRG
were above market expectations
and the shares were briskly
traded up to S6p for a gain of 13,
but Watmofcghs continued to
react on the disappointing
annual statement and gave up 8
for a two-day fall of 20 to ISOp.

Properties featured Slough
Estates which . touched 144p
before closing a net 9 up at 143p.
in response to the good annual
profits, the scrip issue proposal
and the assets revaluation; the
10 per cent convertible jumped
17 points to £2®. Among secon-
dary issues. Federated Land, in
receipt of an offer from iff. P.
Kent, shed 5 to 148p; it was
announced yesterday - that Mr
P. H. Meyer, managing director
of Federated, had bought 750,000
shares of the company’s 6 per
cent equity, at 150p per share.

Progress in Oils was. ham-

pered by reports that Iran had
negotiated contracts to sell its
oil at 825 a barrel. British Petro-
leum reverted to the overnight
level of 294p, after 288p, while
Shell dosed unchanged on
balance at 372p, after 376p,
Lasmo. still drawing strength
from the good .preliminary re-
sults, put an 15 for a two-day
gain of 40 to 300p, after 305p,
while TricantroL reporting
today, aded another 6 to 198p.
Elsewhere, Global Natural Re-
sources. up 90 ra the last couple
of days, closed 10 down at 610p,
after 650p, following the annual
results.

Among Investment Trusts.
General and Commercial were
marked 8 higher at 22Sp-foll ow-
ing a tentative bid approach
from an unnamed party.

Among ' otherwise subdued
Textiles, Sirdar finned 5 to 130p
fallowing the increased interim
earn rags.

Golds below best

South African Golds closed
marginally firmer on balance
after a day of increased activity.

The market got off to a firm
start, as bullion moved ahead to
touch 8334 per oz, encouraging
good local and overseas Interest

However, profit-taking in the
bullion price — finally 82.5 up
on balance at S332 — coupled
with news -of the South African
budget proposal to raise the tax
surcharge on gold and diamond
mines to 15 per cent from the
existing 5 per cent led to wide-
spread profit-taking which left
the sharemarket only a fraction
higher on tbe day.

Heavyweights were active and
often erratic with Western Deep
up i it £13* and Randfrmtein i
firmer at £22|. Oo the other
hand. Kloof fell i to £12|.

South African Financials
attracted good demand in early
trading but eased back following
the budget news.

London Financials made good
progress in initial dealings bat
came back on profit-taking to
close only marginally firmer on
balance.

The Bermuda-based Mfnorco
attracted sustained overseas sup-
port and moved up 20 to 365p.

Australians gained ground in
line with overnight Sydney end
Melbourne markets and were
also boosted by the Jackson
South 1 oil discovery in Queens-
land’s Cooper Basin. Claremont
which holds a 19 per cent
interest in the Jackson South 1
well, advanced 8 to 55p, and
Santos 10 to 260p.

Leading base-metal producers
showed MIM Holdings 7 firmer
at 16 lp and Western Mining 5
up at 213p- North Kalgurlte lost
4 more to a 1981/2 low of 20p,
still reflecting concern over the
delayed half-year results.

Demand for Traded Options
continued to improve and con-
tracts completed amounted to
2,406 — the highest for a month.
Calls transacted totalled 1,556
of which Imperial recorded 339
and British Petroleum 283 p. BP
were also active on the put front,
contributing 554 trades to a total
of 850.

Financial Times Thursday March 25 1982

recent issues

EQUITIES

luua

prki*

P

108188

If*! 5

Stock

o- » High Low.

2|a+org^|l||]d|

149

15

80

*99
*120
t :
*130
t ;

48

•F.P. 38/3
FJ». 15/4
F.P. -
F.P. -
F.P. -
F.P. 9 3
F.P. -
F.P. -
:f.p. 16 4

F.P. -
F.P. —
F.P.19’8

202

29
587

85

58

93

130

53

170

30
42
63

IBB

IS

315

21

37

89

137

47

137

30

40

47

03.6

* » . i.9 3.7 lu

Amenhim „ • *

Cam drum ft G*n.7r»J *jj -J
tEWridgePopo tl .367 r2
Fl»*t Holdinn* 30p. M

GreMfrtur Warrants . ..

*lmm. But. Sv*. l °P ” ■ : h -' n ' -

Leisure lnd#» _ * 1 ba ° *’ B 3.1

*Mal»*lanTin5p.. 90 ... - --»•««

•fiOceome* 10p„ ..... ITO
Osorey Assets- ...... «

•p. H. Industrial*

■f-York Mount o*

W V ti«

i:li

63.5
. 4

FIXED INTEREST STOCKS

fetus

Dries

£

Amount
paid up

$100

: £26 ;

100

f.p. :

1CW

FJ».

rgs

£10

(100

£10

iiao

F.P.

(100

F.P.

**

• F.P.

88.53

£20

Stock

< o. ;-*« : mgh low ;

ll

+' or

— •.

14, *4-116 111
22.S JOS 99
29.4-

- 102 99J*

- I0ia« loo

- 100J« 100U
16-4 102p loop
30-5 2512 19->4

Barclays 16* LnStk. .. .

Boddlngtons Brew • UCnv. Ln/ HW.M

Hunting Pot. 1QL Cnv- L"*

Las Valley Aid- 1989

1814^.17,1.831..

Da. 15^172.83;

Do. 141*1. tl4'3’83i.

Ropnor* 11 is*. Gum- Pr* ■ - - -

Trans-Canad Pipelins* Not** 309/

11?^:

. *“ *1

jjv ::

iou rr
100 1,- 1"

•aJUr'-nT

“RIGHTS” OFFERS

• - ’ ■ ■ *?•

e a

Issue' =»“

Latest i

Ronuno, 1981/* ... rlr

O tt !

prioo: E-jf
p ; <*

• ■ i High i Low .

70 ;

F.P.'15i3

19/4 87 ’ 7S -WJlyds Petroleum .^.

M >|

40

FeP.; 8i3

85pm

182 if

160 .

Zfl/4' 185" 1 164 ' Hun ting Pet. Sorvic**,.. ’

25pm 4?
230 '_+4_

26/5! 230 ' 217 'MEPC _!

74 ,

110 :
11 .
10 -

Nil j 8)4
F^.183/3
Nil ! 6/4
F.P. '24/3

6j527*pm: 24pm'St. asorgs’sGrp. 10g ^

25/4 162 1 134 1 Security Centra* ...1

27‘4 5ie pm 3<iMn 8h«w ft Marvin lOp.

93/4' I2h 11 Sturis lOp

*7iMtt

132 .+<

111* —

Rsnunclatlon dais usually last day lor ds&Kng hvs ol stamp duty- b ftgorta
based on prospectus sstimats. d Oividsnd raw paid orpayaWe on pin nl

capital; covar ha sad on dividend on 1uM capital, g Aaswnsd dividend, rad yWtf.

dividsiid; covar based on prsvious year's earn trigs. FDMdand and

u Forecast divide fld; cover based on pravious years earn trigs, r oivwand and
yield based on • prospsoius or other official- Mtlmim.. for 1982.- - Q Grass.
T Figures assumed. * Figures or report awaited, t Covar allows (or convariron
of shares not now ranking for dividend or ranking only for rsatrietad dividends.
$;

{ Placing price, p Pence uni*** uhtrwna indicated. \ Isnsd by under.
5 Offered to holders of ordinary shares a* a *' rights.*- ** Issued by way of
capitalisation. S5 Reintroduced. 91 Issued tn connection ' with reofoaniaaimn.

capitalisation. §5 Reintroduced. 11 issued (n connection with reorgenisaTwn,
merger or take-over, gy Introduction. D Issued to former preference (mdstt.
■ Allotment letters (or fully-pad). • Provisionai or partly -paid sflormant lattara.
4 c With warrants, tt Dealings under special Rula. 4- Liabstad Soeorities
Marker. It London Listing, t Effective Issue pre* after scrip, f Formarly
dealt In under Rule 169(2)fa). tt Unit o wnp rt steg five onftwy end flues
Cap shares.

ACTIVE STOCKS

Above average activity was noted in the foltowmg stocks yesterday

riM.n.

Stock

Closing

pnes

panes

Day's

ohanga

Stock.

doling

phCfl

pence

ffiy'i

chanw

BICC

335

3fiS

33

-10
.4-15
+ 2

Hembro Life

316

+ 4

- 63
300
1»

+ 1

■ +15 -
-12 .

Cons, Gold Fields

' 393

+ 8

Lucwt Indi.'

DRG — ™

86

+13

Btough EsUtss

143

+ 9

Eagle Star — .

385

— 3 .

Vesl Raefs

&

TUESDAY’S ACTIVE STOCKS

BffMd on bargains recorded in S,€. Official List

Tuesday’s
No- of dosing

Tuesday's

pries pries*
Stock ’ changes penes

Day's

change

* Stock

price pries’'
changes pane*

Day*

eitenne-

Shall Transport

29

372

+ 8

GEC ..

22

828

+ .3-

Cm. Gld. Fids.

27 .

385

+ 12

Trjcentrol

21

192

+ 10 -

LASMO *.

Z7

285

+25

1. C. Gas ......

19

197

+ 13

Ultramar

■ 26

373

+ 18

GUS "A" ....»

.18

512.

+ 12 •

BP

24 ■

234 .

+ 8

BAT'Inds

17

410 -

+ •7

Oa Baers DM.

24

236

+ 6

flacal Flee. ...

17

385

- 1

Marks Spencer

23

152

+ 4

Tmr.. ft Newell

16

6S

OPTIONS

First . Last, Last. .For
Deal- • Deal- Declare- Settle- ,
lugs . logs tion ment
Mar 22 April 2 July 1 July 12
April 5 April 26 July 15 July 26
April 26 May; 7‘ Jnly29 : Aug 9
For rate indications see end o{
Share Information Service
Calls were arranged in
Western Areas, Ladhtoke, Eagle
Star, North Kalgnrll, Pennine
Commercial, Trident TV, Selin-

court,, Turner and New all,
Burmah Oil, International Petro-
leum, Bambers. Benold, Vickers,
Premier OiL DistiHers. William
Boulton, CRN, Second. City
Properties, Clyde Petroleum,
Platignum, Reliant Motor and
Howard Tenens- Puts were
done in Lasmo. Racal and
SouthvaaL while doubles were
taken out in Premier OU,
Bowater and CharterhaU.

A FINANCIALTLVTES SURVEY

WORLD BANKING

Part t, 4th MAY, 1982. Part 2, 10th May, 1982.

The Financial Times proposes to publish a Survey on the- above. The provisional editorial
synopsis is set out below:

PART 1

INTRODUCTION Tbe international banking system is facing major challenges on several
fronts: an overview of the risks and rewards facing bankers over the coming decade.
Editorial coverage, will also include:

PROFITABILITY
THE RISKS
THE STRUCTURE

THE WORLD ECONOMY AND ITS IMPACT ON BANKS

BANK REGULATIONS

COUNTRY PROFILES: EUROPE AND ISRAEL

PART 2

INTRODUCTION The business of banking: as it becomes increasingly difficult to make
adequate profits by traditional lending, bankers are reviewing their long-term strategies
in order to bolster their markets. •

Editorial coverage will also include:

RETAIL BANKING
CORRESPONDENT BANKING
TECHNOLOGY
FINANCIAL FUTURES
INTERNATIONAL LEASING
INTERNATIONAL PAYMENT SYSTEMS •

INDUSTRY FINANCING
THE EURODOLLAR MARKET
THE EUROBOND MARKET
INTERNATIONAL MONEY BROKERS .

INTERNATIONAL PORTFOLIO MANAGEMENT

INTERNATIONAL MERCHANT BANKING

NORTH AMERICA

MIDDLE EAST

ASIA AND PACIFIC BASIN

LATIN AMERICA

AFRICA

For further information and advertising rates please contact:

Helen Lees

Financial Times, Bracken. House
10 Cannon Street, London EC4P 4BY
Tel: 01-248 8000 ext 323$ Telex: 885033 FINTIM G

FINANCIALTIMES

EUROPE'S BUSINESS NEWSPAPER

The size, contents and publication dates of Surveys in the Financial Times
are subject to change at the discretion of the Editor

NEW HIGHS AND
LOWS FOR 1S81/2

The following o w t atlwa Hi the Share
information Sendee yesterday attained am
Highs and Lows tor 1S81-62-

NEW HIGHS (51)

Barron' FUNDS <3>

ExcfKjr. ll'Upe’M Tress. Stale 1446
Batcher. 5pc 19M

COMMONWIA&.TH LOANS 43)

NZ 7HiPe -S3-SB S. fli» ti. 2 tax: N-AB

foreign bonds to

I re/ and 7>j«c -ffl-43

. , BANKS <1»

Cemmerabanic

BCSM m

Bulmer (H. P.'<

BOHJ»INGS 471

IN Inds. Ne wa r du R

Bryant Hldss. Kubrrow

Faireieueii Cans. Tarmac

LoveH (9. J j

CHEMICALS (1)

Stewart Pintles

STORES 43)

Burton Group Habitat 9'iPC ClTV.

GUS Marta A Spencer

Do. A

ELECTRICALS 44)

Bewthorpe Crvstalato

Cambridge €(ae- SecuriM Centre*

ENGINEERING CSt

dAderapn Straw Rattscmes Sfetmp

POODS 42)

CIHtonf'a Dames Glass Gtowar

A N-V

INDUSTRIALS 4B)

Beataon Oarb Oirtb

SJbbv U.i DJploma

Bra by Leslie Sikymnght

INSURANCE (4)

Heath fC. E.i SrdownJi:

Nowden CAJ VWTUs Faber

LEISURE 42)

IntMun owiBi Abroad

NEWSPABSRS (3)

Assoc. BJr. Pubs. Pearson Longnwe

Collins fWm.) A

TEXTILES «»

Miller 4 F.» Notts. Manuf.

TRUSTS CS)

Cedar in*. Pearson (M

General A Ccwnimrc'l

OIL A GAS 41)

OH

MINES <1>

Tank* Con. Pref.

NEW LOWS (13)

42)

WWker CJa*.) N.V Wartog & GHIotv

INDUSTRIALS CS)
Etorkfo/topper Stone fiHI
Kaoimex

MOTORS ti)

Healtetb Meter

OIL Sr GAS (2>

GulfStrm. Res. Csn. Saxtw
TEAS ID

McLeod Russel 8.4 k
Cut.

• MINES (4)

Mnal Eypleratfen Nertb KalsuHl
Nickel ore Patsllny

FT-ACTUARIES SHARE INDICES

These 1 offices are tbe joint comjtfation of the Financial Times, the Institute of Actuaries
and the Faculty of Actuaries

EQUITY GROUPS
& SUB-SECTIONS

Fiswna In parentheses show number of
stocks per section

5

6
8
9

30

21

22

25

2b

27

29

32

33

34

35

36
39

41

42

44

45

46

RISES AND FALLS
YESTERDAY

British Funds

Corpna. Dom. . and
Foreign Bonds ~-

Industrials

Rnancrai ft Props.

Of Is

P la ntat i o n*

Mines

Others

Rises

19

Fells Sams
62 13

12

185

41

2

62

58

9 52

202 320

37 316
20 49

6 17

88 63

34 49

Totals

891 *n 1.479

HIGHGATE OPTICAL

Shares of Hig&gate Optical and
Industrial Company were sus-
pended yesterday at the com-
pany’s request pending clarifica-
tion of .fie group's financial
position.

Highg&te, a distributor of
optical and photographic equip-
ment, reported a pre-tax profit
of £10,866 for tie six months
ending June 1981. compared with
£3.000.

CAPITAL GOODS (210)

Building Materials (25)..

Contracting, Construction (28)

Electricals (31) —

Engineering Contractors (9) ...

Mechanical Engineering (67)

Metals and Meta) Forming (12)

Motors (21)

Other-Industrial Materials (17)
CONSUMES moup (199)
Brewers and DistiUers (21)

Food Manufacturing (21)

Food Retailing (15)-
Heafthand Household Products (8)

Leisure (24)

Newspapers, PobfishVngCLZ)

Packaging and Paper (13)

Stores (45X

Textiles (23)...

Tobaccos (3)

Other Consumer (14) .

OTHER GROUPS 08)

Chemicals (16)

Office Equipment (4)

Shipping and Transport (13)

Miscellaneous (45)

FINANCIAL GROUP 017)
Banfcs{6)

Discourtf Houses (9)

Insurance (Cife) (9)

insurance (Composite} (10)

Insurance Brokers (7)

Merchant Banks (22)

Property (49)

OtherFlnanoial (15) -

Investment Trusts (112)

Mirang Financed)..

Pwttcai Traders (17)
ALL-SHARE INDEX (750)

f.

FIXED INTEREST

PRICE

INDICES

Ilf ■

•re CO

Mr

24 1

Otf'i

dange

%

Tubs
M ar :
23

atatQ.
today ,

a) adj.
1982 ;
tt date :

BrittefafiovenwMot

1

Spars — -

U089

110.72

219

2

5-15yeflri__

11285

-856

11267

266

3

therlSyean

um

-9.74

117.07

mm

287

4

PnetomsttH

12234

-0J4

12357

L62

5

Alt Slocks,,

112.77

-048

1U22

-

277

6

~7

DMahnrftlatto..

ftafawa

88.47

6631

-OS

+053

*827

64.76

• —

309

220

High

Canons

jwdweiajeL.

Beta ft Loam 5 yran...'

15 yrars
25jw n..

~TI iS 'JX 35J

V,,„

o*

Financial Tunes Thursday March 25 1982

si.

0 m

INSURANCE

BONDS

'A faSey life Assurance Coi Ltd.

l-3SLPaoTsChux*jBnlECfl. 01-2439112

.E35ftKz=

BTHiSK*

ST °C|<;

-£g 23J6
I -c0.9l _

*£a «

Mmi Life Assurance Co. Ltd.
3L0tdjteriMgtsxi$LwjL ~ 0M375962~

. ! ■>. *

• « • »r

' V>... .'

)Fp ER$

IrcLMn.

PreaPeeLAcc.

BfSe hiKAnAx

AMEV Life Assuancc Ltd.
2-6, PrtneeoTUtales Rd, B'nxamh.
fctosKfr-

32eS£.

Penskxi

ML I

High Yield

KSTSSSfe-

Fjexlhrd

gEffi£Ez:t

J8f3S z

Crown 'life

Crown Life Use, waking GU:

MOng'd. FjL lnan.„„ 127.7
Prawrcy.Fd.Acc, — m2
^oenyM-lnlL — lSS

BSfcfcK:It.

ByStyWi ta« 1364

Enily Fd. Im EgA

ta». Tk. FA Art___ 157 -b

fAneyFdAs. ®2

Money Fd. incm. J6>

Wert. Fd. Ace 1218

Inierl. Fd. I non 1152}

HtgftJnameAcc. ES7

CsrrSrtag ins. Fa... Bli

13SW£“|+

tsasas^lB

SKE=K

nftc Lfagprei ■ 1QZ3
Crown. BiiL IrwTSZ 2

. fens. Atari. Fd. 243.9

Pets. Warn'd. Acc. _ 1075
PWS. Kang* list — W7
Pens. Etoty Ate., — 9|3

SS£gg%Jf 2 iicr Sr 7 *

Pen. FnL-tBL Ml_ KM5
Pecs. Money Act— 1®5
Pens. Money

— Crusader Insurance -PLC

— Tewwr Hm> 3B Trinity Sc EC3M4CU 4G82323

" &»as&&ro nM=i =

Ea^e Star InsurJMdbad Acstr.
LTJmMrtwetfle Sc, £££ 0-5882222

Eaglr/tmd Urtls ITS* 7B_23 i 609

Equity <& Law Ufe Ass. Soc. Ltd.

AmerstwmRotti,»tf>WycaRWe. 049433377

UK Cooties Fund — ““

Hignerlnc. FmJ
Property Fund, _

Freed loterei Fund —
isl*« Linked Sees Fnd
Gm Deposit Fund

tEsa&^a=S^ =

FTUNIT TRUST INFORMATICS SERVICE

Legal ft GcuenI ftiott Asst*.) (id.

%3SSf. aa ^J&&%za

CwhleKM - ,..n95J —

Do.Aetora. HmES 237.* ... j —

Entity Initial 07$5 1893*021 —

“ 2273 —

Norwich Union fawrtnee Snap

PO Bat 4, Norwich NRl 3#S. 060322200

BS3THig r

Property Fixxf. BD92 22D3J *0JJ —

Ftzed I nL Fund B%5 2573 -13 —

Slanta Life Assurance Co. (id. Arbutimot Secaritb (C.LJ Lid (iKeXA)

tti-166 Fleet Sl, Umobs EC420T 01-3638511 P.0. Bo* ZB4, SL HHbt, Jeney- 053976077

Uabn Lite Humana

UsnaaedAcc.

wafers

irteraiunriAee —
fern. Managed Asc...
Pens. &jjgy Art-.—

- For Prices el ah.

Bests Ban atae Pine

1W3 ..Z) Mil

Legal A General Pnp. Fd. Hflrd Ltd.
'll. Oueen Victoria St. EC4N4TP. 01-2489678

L&GUtiebl {124.0 130ii | —

-Opt nJx.Mj ApJlT

Life Abut. Co. of PeonsytraMa

8. New Rd, ChsaJora, ICmL Medway 81234S

lACOPUrftS flLffi 2134) J —

Fixed Imwesc* 1115.4 1214] ..... —

OnftneiySwr* E£l l2g -...- -

KSTzrzzffi II::::;. =

Mbeedv^.^LI^j m3 "Zj —

fcjkM B 3 a“ , a ,t i_i -

Pearl' Assurance (Unit Funds) Ltd.

2S2 HaBwn, WC1V7ES. m<0Q5844L

lire. Prop. Phi 0303 1372 — J —

lire. Prop. Acc [172.9 ltP.ll ......I —

Mr. EqSty^....~_. .ffidS K53} . .J —

(m. Managed J5 £2 26M 1 —

tart mtminri (Unit Lfatktd taasm) Ltd
Ret- M ann ed PZ7J 134.0( 1 —

Phoenix Assnnce Co. Lid.

4-5 Ktag'WUUao Sl,'EC4P 4HR.' 01-6269876

WtaitbAss. 11742 1H3.4J +3.7] _

Eb5. PtvEft-E- 11124 H93 . -4 —

Pioneer Mutual Insomce Co. Ltd

16, Cmby At., N. WalerMe, L’pool 051-8286655
Pioneer MtL Md. Fd|U75 U4 A — 1 — .

t ^trn 3 &ftMjTiif S iSww*^ ri -

Staodard Life Assunuce Cowpauy

3 Cmnje 3u &5ntarB6 EHZ2XZ. OJ2-2ZS797Z.

M«ord im-j ?S9 +0J f.~-

&&===: Gfi W & “
'^S&zzd^ m 1 =

leaniMeet NM 9&4 -fli r-

PeioSrM55i?dZZp527 Bn5 VO —

ffi jB =

KSSffiTETjP 1 ^ =

OeUtr IncMM TsL — IUSSJ498 LOW . ..J 2555
■ E« IntL SEnWy-pW l^S.-OS *££
Saft Secs. T?L(cf):.pe * 7724 -03 1360
(My OeahiMttik tee d an fumxK

SttffingFZ —Ear ixa +oa ojt

DeMi« an WHOM.

ALA. Bond h w estio ents AG

10, Baarertuaan CK630L Zna Switzerland

Bearer SM. Mar 22_UU65 1&7DV —

-Bank -of America Mmatto al SJL .

'35 BAUeiord Royal, Luau i mw iig 6-D.

““TSi^sWSrSUi.^

Barclays Uidcon bitemattonal
3, doing CteS, SL Hettee, Jeney. 053473742

— -Wii-SMsdBffl. 1 "' *»«%

*“ Unicnni Aoa. Exl p03 54J1 1 1M

— Do. Aua. 433 473 .. .1 250

— Do. Grt». Pacific. 1099 1122 *1 jH

— Do. Inti. Income 783 5063 +05| 10-50

— Do. Ideal Mania..- #} 8 45fl .. .T 10.60

— Do. Mam Mutual KS.7 4944 +0 ^ ^2

Bishopsoate Comomfity Scr. Ltd
PILBon42.DiMgU4.lAU. 0&24-Z39U

Auj Cmazi an i GENERALI SjlA.

Pi) But 132, 5-' Peter Put- Cwmn, CL

Granvltte' ESahagCRfent LinStitl ~ ~ "

P a B« 73. Si. HeUrr. Jersey. . 05.W7W3

GramnHe lire To. . lLb.36 " — 1

Vms cHing ray Apr .1 IX

Gidoness Mafant Fd Mgr*. (Guernsey)
PO Biw asd SL ftur pm. Guernsey, oosi a£0d

Iiol Fund B20M 20671 ,...,{ .10.40

Prees at M«h 17 tat dea*WB Apr* L

Hubra Pacific Rond MgmL LbL
2110. Content Centre. Hong Kora

ssasksaa wa -

Hafflbm Fd. Mgn. (C.L) Ltd

P.0. Bos 86, Guernsey. D481-26S21

M --I H

Quest Ftmd Mao. (Jersey) Ltd

P.0. Eor 194. St. Melfr JJ" _

Lin »ds Life Assurance

20, ClAtt SL, EC2A 4HX 01-920 0202

HE®#® 5 ■' ‘

oo.asok.

S&5P4R-.

J^81nc.Dia.MrU.

HmIq M March 18H

Barclays Life Assur. Co, Lid

252 Romford RU , £7. 01-5345544

41 -

rj£ESsc=m =

m$i =

MnjQnpSajRL

Equity & Law (Manwd Funds) fid
Anersham tew. H&i Wyantx. 049433377
Ind. Pen. Enaty rD99

.7

PSBSmvn
Pte.P*»QL6krT5-

Ptanned Sawings Group
68, Eat Street. Horsham
In Managed
lsl Ftacrd IMerast__.

4li) Managed —

^tedz:

FkaiB

Do. a

Oo.C Bntsma
Do. D F«d_ 1nL a

?KS!ear. ? ™

Premiou Life Assurance Co. Ltd
Eastdwsur Ha., Haywards Heuh£ 444 587ZI

im3 —

115.0 . ■ —

Sun Affiance Insurance Group
Sm Alliance House. Horstam-

EouMy Fund —

Fhud Irttrrea Fund

Index LUed —
^iSZ

Degout
Managed
buub I * i b Uu tads

&FM Fd lid Mar 10
Property March Id-

|||

GuiEttjpH&Acc.

Do. ireuai

hre. Pen. FhiEct tnL .

Irel Pen. Mr Ul Srt.
b«L Pen. Ooerseas
brt Pen. Cast.....

IitH Pen Fjtn-^

Ind. Pen. 0"p. Attasa J13L1 1373 -

Prices rt March li tat semrenent dprt 15.
Gcsp Pecbon Fund s Mm AwilMie On fleMSL

Black Horse Life Ass. Co. Ltd

71, LontotJ St, EC3 m

Bbdc fto« Man. Fd
Managed Inv. FtL

^ i < ; l |\S

G.T. Msuawueot lid

G.T. Plan Bond Futal.
GTPfaHWYldFnd
GT Plan Far East F
GT Pkr NAro Final—

M I rm WiOwOP rro.

GT Pension Bnd Fnd.
GTPenHi5hYMFd_
GT Pen Far East Fd>

GT Ren K. Am. Fd

GTtaUK&GE-Fd-

GTPenWbrttMdeFd.

10L7I -

Extra ioc-fdarW

Fa- East Mar 2* J

Growth Mar 24 _■

istssfaM!

NaLHI.hic.MM2i

MMSSa!

&sSA

5&S&

Int e i i i iotd EuAty
Prop. Equity & Ufe Ass. Co.

42 Hourvhduih, London EC3A7AV 01-6211124
R. SiBc Prop. Band.— I 2426 | . ..( -

Property Growth Assur. Co. Ltd.

Leon Home, Croydea CR9 1LU. 01-6800606
Properly Pure) 27R 0 —

SEZSr&t:. mo “ =

SESZZf&zz :::: =

Ml as =

^ * =

Sun Life of Canada (UK) Ltd
1 3. 4, Codoour St, SW1Y 5BH t

Made Lf . Grth. 1 30CL2 I — ^

Made Lt.MJMd. — KP^I — J - . — {?

WtoieLf Ec.y IW5B — ' j — —

Pfffnl.Pn.Fe. ! 3357 J

Pera. Mjn.Caa 11267 13a3j . . ... — 5JI

Peas. Mao. Acc. tlSOO 157.91 ..-.1 — Mj

-w> — MAj^vfcSfr^lisg.Tii 1DJ4.-.J -

— Ongunl owe. *S10 ant **£L Man wd As rd S.

:::: — Bridge Management ltd

— — GPO Box 59d Hwg Kang

, _ SPSffinr|^m»d&

Z Britaiuda IntL imestmeat MnguL Ltd.

+6# — U5. Dote Denaat

Am. Smaller Coe. Fd

l GoW Fund*

1 _ Unhen«lGn>UiFinn

— ■* Dollar inoomeFd....

Sterflng Dumlilnitwl FwO
AmrncaB WwCiwptt, (£7 6 S12J . ... I <00

• Australian Periled. _ 725 SSB . . -

01-9305400 Far Eaa Fund 55.7 922ft 1 - ■■ 100

1 „..J — le«y Energy Ta_ ’35 l*ln\ . !

1 _ Jersey cm* - - — 300 arj-Olf »-> 51

ZHr — U.K-Grw«mrjno 33 c 4 09

— ] USMFidXt*—. . .. 97 5 M4FI-0.: ~

3SR'Bg.7?il^

c *!g£%ISisiVl

1b 7«1 .. 15a

212] -01 HD
33 C 4 09
154*1,3.:! —

isopots: iici

lilt, ,.| 025

Dady Denhag— One* f jti wtrLiy Ustia-.-v.

—Inratry MieeUy-CsaUI GeLcti 1150 t o

— 4 ~ AssicurazhHii GENERALI SLpiA.

— 'j Z 117, FercfurdiS., EC3M50Y. 02-4880733
"~ mA ■ ind Managed BotaL.U355 14271 J —

Canwia Life Assurance Co.

26. High St, Potters Bar, Herts. P. Bir 51122

Si l:d =

Canada Life Assurance Co of G. Britain
26 High St, Potters Bar, Hens. P. Bar 51122

H»wdPwfi«d_|T-3» 138g ... .1 -

! S S i K-K5

a®

General Portfolio Life Ins. C. Ltd
CWsrtrtx* SL. OKShunt. Herts VWtlmnX31971

PortfWioFiAcc J8BB | — —

-Porifc’llDFcL IniL lbtx3 —. —

e*S£te'«® J=:: =

Pcntfono Man. IntL- 1525 55.4 —

Growth & Sec. Life Ass. Sac. Ltd
48, London Fndt Exchaage, E16EU 01-3772016

Special Shs. Mar. ZL

SStUv.23

‘March 23

London A’deen & Ntfan. MU. Assur. Ltd
129 MngnrBr, Loncba. WC28 6 NF. 02-404030
’Asset Builder 1 1525 5531 —4 -

London indemnity & GnL Ins- Co. Ltd
18-20, The Fortaxy, Reading 583511-

szis

Equity Food— 309.0 *14 —

^g^jdlA ). ^ —

ME W 5

fe^^TDszz: 3S2 :r z

Con*. Pens. Fd 23L7 -

tessati m *4 -

as-i&ttjE: m = =

Site Pens. Fd- Cap. - 113B —

EgSy PeS F4C«Z 1613 *&3 —

Providence Capitol Ufe Assc. Co. Ltd
30IMrU*eRned W228PG. 01-7499111

Sneriri MktFd, M5J «7J| ._.J —

San Lite Uni Assurance Ltd. .

^^^ ,l ^aKi 2Vb ?nu B72 ‘ n9S2 * Brown Sfcfetey Tst Co. f Jersey! Ltd

«4 Sol _r — P.0. Box583. St Kelier, Jersey 053474777

ixz Bsasem-fis iaj:3a“°

ElMy Cap... ZSU? 2^.4 4-1.1 —

?Si -i3 Z ButferfJdd Management Co. Ltd

nSolSSSiSlzit.i i«| -q - **•

i2fe-3=Bi W :3 - i§ :::U 2

ra^i^ufCapnZ 1242 M} *0.4 - Prices at Mwth fe. tat M6. £ April's

Equity Acc. 2463

Rued IntertM cap. _ U6.4
Fixed Interest AtC_. 1%.4

Cash Cap 129.D

Cash An.— — 13B2

International Can — 1242

IrtenBlKual Act. 1323

Araercan Cap. 1042

American Acc. . .._ — 015
Far Eastern Cap 09.4

SSSBEfi--®

— Siatih PmsSnot
nwHb tar inMOor

— Pro. Matoged Cap

— Pens. Managed Acc.

— Pens. Property Cap

= SSSste?*

— Pews. Entity Art.,

— Pens. F. Interest Cap.

— Pews. F. Interest Acc.

— Pens-CashCap.

— Pews. Cash Acc_-

— Pens. litnL Cap

— Pro. Inal. Acc-

— Pros. American Cap

— Pert Awerkan Art.

— Pens.

Pert

Z CAL Investments ItaW Ltd

in

Next dealing day -Apt 5. **Apnl 13.

CO

p7bw 178. 12U Genera 12. 010 4122 466288

= SSSSjzz=!S£S g?iSUI ^

Z Capital Asset Managers Ltd.

= SKScT , 'S5.'&.

GuerraeyC.l.

The Crarency Tnat _|95.0 '

048126268
1010+14 LOO

Cannon Assurance Ltd
1 Oral* Why, Went*? HA0ONR 01-9028876

GnanSan Royal Exchange
Royal Exchange. EC3.

iMdDfl Life Unhed Assv. Ltd
1 OOjeagiM SL, BrsuLffil 6QL^ ^ QZ7M79179

F^S^Intereg- [n8.7 JW3 . — j —

Pr op erty — QS? 14331 1 —

Deposit— — — _ (I2t6 1293 Z_3 —

7117 r-x o-i.

- taiftSfeDte-

DqnsUBoad

Equity Acrum

PropwtaAccunL^

MtnLAcciRL

SidSmUr,

SONS

iS3.&srzz:

2nd (ML Mtmyr. — —
2nd lade*

2ndBL PksJAix —

-j- ai Vn

- K-Pii.fr

jin. 4'

■ t.\ vml

:.(r lfi
l.-:»

' v, L

Property Boot, 12901 302.11 ..„J -

GBE Linked Asswwn Landed
etengMMnlUai —

Fta^nuS«r”^i §L6| +oil —

Do.Ac tut n. — ..—
incenoboiMl Initial—

Do. Amxn — —

Property indlM

Do.Accum.—

Deposit loitlM

Do. Arnos — -

M3 -4 -

Target Ufe Assurance Co. Lid.

SK ^ C ^* B S^^)5941

Man. Fond lac IU0A 13731 ..—I —

Man. Fuad Cap.

Man. Fund Art
Man.Fi Ind—

Prtp. Ftsd Inc

riuu. rO. WL

Pri3>! Filott.

PrrttRl. !

Capital hrteroatfonai Fund SJL

43 Boulevani Raya I, Uaemaannj

Capital lid Fund 1 USS23JB I — I —

Central Assets Management Ltd
Camel Hse^ SL Heher. Jersey. 0534-73673
Central Assets £21332 223J3HUB) —

SwreiPdWiMreFiMd’.PTl 7 113 *0h 1342

E& 7 r-p! . S

lid EOndv — KI396 14«4... . 182

irtSros - a’sus — n3» —

IOL Scoe -B' |l.49 1571 . -.1 —

Prtrt m March 24 Neil deaiwM Maren 31
tlxdufc usul dome on sodf tkden.

Hendersoa Admin. (Guernsey) Ltd.
7MrwSt, 5!. Few Port Guernsey M8126S41,?
Amernan l US cerfc 1.H13.4 1194) ... . I t-

Henderson Baring Group

801. Gtoucesur. 11, PesMer, Houq. Kong
Aistralia •.. . .. 1*257 4J BBU ..I —

Japan T»di. Mann Z». IftSl! HI 15B7 -O3o —
JamnFaMarcnlD.. U33t« 27.34... —

lSS» &»J. *«Wr 23 uisifw 1903 *Oo2 —
taSiftTawthio ussiuj LZlalf .....

Bond Fd ■ March IB bCUlSH
liKfcsfce

Henderson Managem e nt (Guernsey) Ltd
P0BW7LSL. feu* Fan. Guernsey. 048126541

Oh Fit K932 988? ....| 2265

tWeetty Benlmgs.

HiU-Samud & Co. (Guernsey) Ltd.

8 LeFehwe SL, Si Prtrr Port. Guetwey, C.1.
CuenwyTst C056 39.91 .. .( 327

Hill Samuel Investment MgmL intnL

PO.Dh 63. Jersey. <*>34 76029

HSCnannHK Fa. .0474 I ,3G

H S FuJ IM ftl _ ,.W« »»o5 .1 I2W

H Sl tntm Gil fi«J lll't 120 Ul I -

fOt ^2? &t»> So- Irr'lset 7t4*t 7.W5

H. S. C.rwx Fri. . 'ITCi 53 msi»3lM —

Fdlhves-CSF Fund: Sfifii 1^-* 1 —

i ■ '>.*• re»* . Iss s y; s rd*n trf ~
TectaOSScHFFd- ll.W-L-lS -

I. C. Trust Managers Lid.

10 S’ Irorsrs S’ . DJorsas. K>M 0t24 25215
r.it DamMmV.' i97b 1B3B1 . I —
hrn DMfana dty Ap>J 7.

IGF Management Services Inc..

:.» Ri-critrars. P 0. F-m 1DM, Cavmm Is. BWI.
iiderol. CoM Fund —IUSM0! 6L99| .. I —

N.V. Int e rfaefi e er
PO Btre 626. Deft, HoUand
EsmeramiOHcxPceil DFL6925 1*4441 289

International Bond Trust

2, Bijltvstl Royal, Luxembourg

tax» March 24 .—tUSS938 103Ol*0J0| -

Intematiamd Pacific htv. MgmL Ltd
P.0 Bn R237. 56i P«t St, Sythr*. Ami.
Jftrtui EiMty TH . ,.]AS3 12 3201 ... I 750

Investment Advisers, Inc.

FirJ interrm tonal Ptaar, Homton Torn
FioWok liwesL Fd. .. I — _ £.1 34) J ■—

M S£,«LTS S, T & 'ffi&rS? ”

Invicta Investment Management
1 Cteieg Citw, St Hrtrrr, Jeney. 0534 73741

GdlGrawih Fieri ...-KllM 1157J ...I 349

afiJncanftFwri— .|id64 9W| . J 1327

Jardme Fleming & Co. Ltd.

4faUi Floor. CormoigM Ceoue, Hong Kong

JF.JmonTiL I&2M - | I 060

Do (Acaati Y228S — I . ... I —

OuBtcr/HritioW Commodi ties .

31-45. Gttriflam StnvL EC2V 7lri W6*4I77
ItatFdlrtMJi^BLWrt -1500^1 -
{UKt OWtoTBBp April I.

RBC Inwestment Managers Linwted

PO Box 246. SI. Peter fert. Guernsey CWS1-23L— .

tail. Income FH. [1^911 9^*0121 -

rti bviBiFa _ ufs9»j lOfesg .. ■

iSthSnSifFd llSJ4Qh 42 2S . i -

Ramhtco Managers Ltd '

P 0. Bi. 1549. ikriW. Bentwla I8M-3H 2-797t>
RMiDKOltediL. 158.90 4.1C ! -

fSchffiMd Ufe Ass. Ltd
4 H0 Streri, Itata 1 Otf. i!624 «J1.4

D* Mver Trud— 1597 Iffl) +pt i “

sSriMSmSdS':. )«•«»

SaopWrrTriS, ....... J*? jftjf j Me*

sai-jj i

E3&&&

RottachUd A*»«t Management (C.I.)

-ac. hdm wd tamd J eraram Urafed -

Rd Francs ifta • Wfh (Itali an U j- I 3 ^
ranarfiaaS ?U64 ferrejapOiT- 5 ... j 5b.;-7

HMdri. *S7VJ fiSmjfi - - J

DutaiGtaJflw . fcw; Isww Francs .j4JP5^

FmrtFrms. 12W? US S .J.*? 35

tProc « Math 22 tat arau.T g.Atvj . •
tPnra on Fm A Mnt w-0 teefl 12
•■IWr oaliiqs •—Mjros 3. nOwiogt cwry *w

Save & Prosper International

plx t§»73, Sl Hrt*r. Jrrsry C5M739J3

Sd , - , ? - WJ9 Jfl 97Eri[*i713 5h4
Ddr F»d w -j. uya 7Zj ■ Mf*

Cl fiiwri ... 1 a 1 I v-'al

VinfiSa-t . ... 7V176 1J«! -fci 4vi
Mr* H * 1 *=) 2S

intL-mJ'l. lir 7 • “

FarEa'irnr‘7 . tlSdifl Ih T-l - I —

SSSi"r*"- ; :;iS x ?d I =
SSSSW.jbmwS ?- a r :

GoriFivri *— • .IU588291C*— J -> -93

St^vtor^t - .11525, Tgftel • 016
Vy^n j "Uirrri 24 ••'ID-OI I-
Mart IB 'MrreK Or jump- Da i, Dvrii-A

Schrattar Ufe Grocgt

Enutgrae Haitf PortMiwum GJi’5..«31

saw. s?v -

SFlUri inlRrti . . v tr.li .-S 14.1 ,2- -*j --
S&Unagcri .... USUnC 1 nW -7. T —

Schroder MagL Smicn (Jeney) Ltd.

P 0 Box 195. St Mrbrr. Jiw. LljW 275nl

StarttagMorerFd . K12WWU91?.,. I -
tat adomeuun ary Mu.h jI.

J. Henry Schroder Wagg & Co. Ltd

120. CnNtbdr. EX 2. Ol-StSl-WOP.

Am Ir. 1st Mairt 17 nF51?« - . I I 2

Aston Fd Mareti IT. . U.4.V- • - „ ?• ;

CbarteriMHise iapbet
1 Patemostfr Row, EC4

raB__

(rekxad Stock (P.)|

rib ring 01-70} 9113.

PiowincM Ufe Assvauce Co. lid.

01 -347 6533

London A Hands
MSmUde Park, Exrtur

gW fiK-

noptny r i > M -w

i - =d J

Capital Life Assmance

Coriton Houses Chapel Ash UftoiL 0902285U

KSbci W l:.4 =

Rem.

Pert
Pets. Fixed ltd. Art
Pens, tat 1 1ni ua
Pens, tafl- Ate.
Pens. Pron Initial

OT.9

z §lSSn F »tato'5Sfe ltdS nwgnL drags WO>y ^7 ^

liiM

Pons. Depot Acc.

Tor Oortehaae Masha see M hfcfa Health A

ND1CES

- -■ War.’

Chieftain Assmance Fknds
11 New Strict, EC2M4TP.
MragedGrtmth

Massed Income
IntrnWklDSl U>

income & Growth
Bade Rrsources..

American U)

FarEafirmL:)

Casta

Mm 1 1

mm

^ (G-2B33933

Hanfaro Ufe Assmance PJLC-
7 OldParic Ltaie, LorxJon, W1Y'3U- Glr4990(Hl
Fbred tuLDep. TTt "

Equity—

ranged Acc
owrseas--
GiK Edged

MAG ftoup

Thrriftww, Tower HBLECM6Ba 01-6264588.
American Fuad Bocri.”* *

American Rec. Bontf-
Austrate taBond

Convert -

Pen.

fen.feop.Art
Pen- Man. cap
Pen. Mao. Acc

- RSSSgfc

1* ,

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Dty of Westminster Assurance

-ssste®^’

WestPrmFira

MamgedFund-

Sbsfift=Mi 4

Series ID these « bri prices iw

Pen.B1.c41
Pen. Ea Art
Pen.B5.Ghi
Pen.BS.AS:
Pen.DAF.Cap.
Pen.DAF.Art

Hearts of Oak Benefit Society

129, lOngsraty, London. W2B6NF 0V4D40893

ssssa^zzzti^o 3 ^ :d -

l l eude rso u Adndmctratkm
11 Austm Friars, London, EC2.
Fd.

Technology

mm

Pradeutial Peastons. Limited
Hatton Bart EdN2NH.
EarityFwri4Ur.17.g66S ».)
taSTFaxI LUt 17_B3T 5J
RwJln.Mar.l7__®»

Prop. Ftari Mar 17_|E4963 £□

.^^Ui-405WK

Mzd-

Ret.PtanCap.

Man. Pen. Fd. Art
Mao. Pen. RL Cap
Gilt Pen. Fd. Act.
GHt Pen Fd.Cap — .
Prop. Pen. Fd. Acc.
Prop. PWLFtLCap
Gw. Pen. Fd. A<x.

iss 1 ^■ R! - Cb

DiDoliar&nd
SretB Franc Fimd
Deutsche Marta Putri
Yen Fond

— 103 Oxford SL, I

Twriri^rWetb, Kent.

TiansMmsHeoal Ufe In*. Ch. Ltd
55-5), Hid HoBjorn, WC1V 6DU. CO-8317481

«*H-= -

SeriesTraSt^Rc
Series 2 Mosey FA
Series 2 asert Fd
Tulip tmesEFd.

Tufip Managed Fd. __

Managed Im. Fd. InL
taaqedltre. Fd.Art.

FtL Cap.

- rftte S ta. aTtat *r*3 April L

— Chawtsn CoumioiHlitl < Isto of Man) LbL

— — 29, Altai Street, Dgagta I a-M. 062421724

1 1 3

— — Conddn Ins. (Guernsey) Ltd

— — PA Box 157, Sc Peter Port. Guernsey

z: Z tetri. Man. FA |ZZ5 jO ZGJA .— J -

—J' — Cortex* Inten aMo nM

_ 10a. Boakvanl Royal, Luxemhowg.

ZZ — Cortex* Irani I US$7758 1+0.42} _

~ — Oraygmount Fbced lrtt Mngrs. Cfersey )

r jfv — PA Bov 195, ScHelwr. Jersey. 053427561

lu Z GtalfendC^j-RW 89.y U8 3450

::« — BWS Deutsche Ges. F- Werfeaptersp

+5J “ Grmtogweg 113, 6000 FranHwt

— Z Irwesta IMBU6 32651-0301 _

,^33 — Delta Group

- I -1$. PA Boa 3012, Nassatc Bananas

— DelL Inv. March 16. _(USSZ68

5^0 Lortka Agues: Hrimtert Benson: Tel: 01-6Z3 8000

::.:: 35

Deutscher liw iUaie ut-Tnat
PKtfsdi 2685 BicOergasw 6-10 6000 Frankfurt

uo iaccuri i .... Tiaw — ....—

J F. Japan small Co.. VTJ&5 - .. —

J F JapaiTertnoto^y. YRK7 - ... —

J.F^emTsl ni&»ai _ ... 190

J.F Pac. Sees, tine.) — 1.10

Do lAccum.) _ USyi^ — .... — .

JF.lrtrt.TU IWM — 050

Do lArtumJ.— 0SS340 —

J.F.S.EA IOM1' - L80

Do (Acoanl IKM68 — —

JF.ptnL — 7.00

JF. Cir.*BdL«.Urt» U®lS) — 9.50

Sjanfi^hcCmTallSlDM - 500

AuUrahaTa -_.lU55(>23 — —

KAV Modi 22. Ned drahm day March?}
London Agees: B*l Fleming & Co. Tel: 01-2ffi 2400

Leopold Joseph & Sorts (Guernsey)
HirtflCuSL Peter Port. Guernsey. 0481-26648-
U. Sorting Fwri__.tU4.65 1456) ..-.J -

B * bL ciwapime m.«ji 23 tfM* h. . J r r i;a

. DnrUrejFd M«h.*q|Apyi ? 'E-U l.:j » J

™t J«an Td. Marrh 1H JUSSK *\ j 174

053473741 liataigar FtL Fro. 2tB U5S3M.75 i I --

...I 3«

’ J ^ Schroder Unit Trust Mgrs. InL Ltd

Urn 273 St PwrrPoirt.ilurrav^ UfJlSCO

Kona Mwd Curucy IW 1 4 • • J i Li

::• = iSrrf.M-te 1 :33. ! tij

190 Schruthr LHe Awraice InL IhL ...

— Stagd. Cumcy Lire Ed 483H MJH

1 IQ CnSo It* life Fd.... soil.’ 574 re. . .

_ r.EtwiyLileFd .... 1031 109 H ■ 3 hi

. 050 S Fixed Ini Ufe Fd — IOC a l\)b.n ! >4 «

_ iOnaiyUfFd .. ?9J S4J|_ -

UO Prices an Mar 24. Next dealing Mr jL

9 Scrimgeour Kemp-Gee Mngnd, Jersey

Z \. Chmog Crori SO+ctier. Jctvcy 05347274:.

.... 500 SXG Caplui Fond _._n67 2 17^ *3-M -

tahV afie^rBs iSii.1 -

Sentry Assurance International Ltd
PD. Boa 1776. Honlton 5. Bermuda.
Managed Fend (tSStSTOS 49bU» . I

arssssrips ana =

nil'' ri

mm

Dread Bum bam Lambert

77, lendm Writ, London. EC2. 01- 62832 00

£Mv v S W

BothschHd Asset Management
SL Sw Writs Lane,- London EC4. 01-6264356

Royal Insurance Group

_ New Hafl Ptaw, Liverpool. . 051-2274422

— Royal SMcMFd Z33J) -...J -

051-227 4422
2336) -...J -

Do.

PenbqL Peostao

, Manufacturers Ufe. tan
SL George's Way. Stevecoge-

Ca..

083856101

North Anyrican
Far East Fund _

Clerical Medbcal Mmaged Fluids WL Property,

15, SLJarnaYS^SJWY/La 01-9305474

SOSS==W Bd= &£**■*+

'Trices March 17. UM daafinm on Afefaesdvs.

PudritaM

Managed IriL—
—

Knwnjr im.

Gffi-Edged Irdt
Do. Amn._.

Save & Prosper Group . .

4, GLSLHetra’v LmM., EE3P SEP. . 015548899

mzi '

li

w&D- im.. , sm -.—4 —

’rncti on tad ZZ.
ritariy OcaHngL

Schroder Ufe Croup.

EaterpriK None, PonsDtMft. 7705 B2 77 33

13362 3544H +L4) - .

Mraaged
Money

Trident Ufe Assurance Co. Ud
London Mad, Gloucester. 0C236541

&p.z~WS w

Property
Hwenca

P"“

Ine national

Fiscal

Growth Cap.

Growth Art

j|M£:

Pens-P'

Triliw.

Wlnchesw Overseas Ud. HAV Feb USS953
Winchester <J-S._ Resents Ltd. Cwmdylrtdl35%.

Dreyfus fartKCsutiueRtal lav. Fd
PJL Bex N3712, Nassau. Bahamas.

NAV March 16_ i_ |U5SUS 2652) — J

Duncan Lawrie Inv. Mgt Ltd.

Vhsory Hse, St Peter Port, Gaemsey. 0481 28034

8fcSSSgc=z=z^a 5 Hid

Eason fi .DwBey.Tst MgL Jrsy. Ltd
PAfanl Sl He«er, Jersey. 0534 73933

ED.I.C.T. J31&8 129.7) | -

The EngNsfa Asrocfetlon

4 Fore Street ECZ.- (H-5B870B1

igam »

■65BSrH?*«a sSti jb

King & Staaxson Mngrs.

U

GmTnStLaff)_:H.7 90 Zj 12.75
Gilt Firi. GWrnseytaJ.85 769«t+aUJ 12.75

M ::d =

Kleutwort Benson Group

20, Feaclwrii SL, EC3. 01-6238000

Guernsey Inc. B9 0 97.9| 5i0

Dfi. Acojm — 1253 . 157- 5®

K.B. EiTOWriM 007 1050a 8.43

K_B, ForE^Fd. — ®17.4W . . S14

ILB. Gill Fund. E10K 10.09+022 1275

K.B. InLBd. Fd. Inc.. IgW-fe ... 10 »

KLB lrt.Bd.Fd. Acc. 1^-306 IBS’

K.B, IML Fund. 1^5* •••• JS

ScIffl^etJ^"

K.B.aS.C«th.Fd... 1-551962 ..._ 260

S9net Bermuda US$628 26b

Transatlantic Fd- US544.93 250

Korea tnte-mUooa! Tnat

Find Man-: Korea Invest Trust Co Ltd

do Vichen d> Casta Ltd. IGng WHNam Street.

IjMaECL 0162J2W)

NAV Won 74SL05 IDR Value 0551036000

The Korea Trust
Daehan Investment Trust CO-Ud
FKI BuOrinq, 3-124 VatariQnfc SeoJ,' Korea.
NAV March 20 (VM» 108TO) I US$15 J7)

iaari Brothers & Co. (Jeney) Ltd

P.0. Bor JOB. SL HeKer. Jersey, Cl. 0534 37361

HE-SSS-frE* ■•■■iaMsn&2Sl rtaa l J38

) 1376

Lli ElrOS. InL IrK. ..
U?. Bros. InL Asset
Lai. Bros. InL Asset

Signal Ufe Assurance Co. Lid
(0534173741 2C Secretary's Lane, GevatUr 01035073037

Growth StrWWsFd.- 1 S2J9 239| ... 1 -

Ud»a u * t

a r IS

Strategic Metal Trust Mngrs. Ltd
01-6238000 3 Hill Street. Douglas, I0M 0^423914

|jg Strategic MrtalTr....msn9C 0.969! . ..| —

;V" IS StrongfioM Mbnagonent Limited’

+022 1275 P.0 Box 315, SL Helier. Jeroar 0534-71460
.:::. 18® ComnotityTnia IM009 MJ 86) ... I -

Iw Surinvest (Jeney) Ud

=■« 4, Mh Sl. Douglas, Wert Man 0b» 23914

— IS, Copper Trust K1216 12791-005) -

250

TSB Trust Funds (C.I.)

.. lOWarfSL.SLHetler. Jersey ICII 053473494
ISt CO Ltd TSB Gfl! Fund Ltd .... P3A «6« . 13.94

fH bain Street. TSBGiltFd.Usy.JUO.fep . 1354

01-6232494 JSajeacyFuwL. ,. »h . tly— .

OTM “ TC SST58lS>4« rt i"»«,3p

.Ltd. Tokyo Pacific Holdings N.V.

•oJ,' Kara*. InUMs Management Co. N.V.. Cuucan

US$15271 NAV per share March 23 US$75.43

*1 Tokyo Pacific Hldgs. (Soaboanl) N.V.
IriVWs Management Co. NV. CurJtoc
NAV per shoe March 23. USS55.04

z «aassi!«:"a:-.p6K Swzl ft

1 _ •Sm deritog Mar. 17. “tat rig. Mr. 31

W&m

C turan er ei al Unhin Group
SL HelenX 1. Understaft,

Vn. An. March ® — L_ ,,9466

FT^d Interest

SSSSS.U

HM Samuel Life Alsar. Ltd
... NLATwr 014B64355

Security Fund Gtttn 30831 .—.I —

EC3. 01-2837500 gSdiFi
,9466 1 — J — Intern "

■ — I ...—1 — DoUar

inwatwritari- Caprtalfero

) Ilia — Inara 1 Fund

i -j Z . _

1 — J - g^|toi_|j5g ^ Z

jg^tT6i5TwrZ|

Merchant I nvest ee s J
Le«u House, 233 High St, (
Property- 1

Tyndall A*sarance/Pemldi*sti)fWfe>_

18, Canynge Road, Bristol. •’ 0272732281

S^2ta:~

UK lav

8B£few=

EqirnyPetl

□gra mi, —

Bfr a!rt —

fr

1

016869171

Confederafiun life Insomce Co.

WKA1HE- 01-242 0282

ConGoenfel Ufe Insurance PLC

64/70 »9h St, OroydmW9XN 03-680 52ZS

femwMngdFU

Coroha Insurance Co.
32 Comhita, EX3,

- AMroi

Man.Gwt-1

MnwFl

Equity Peas.

Money Market _
Money hUtf. Pern.—
DvponL 1

2Kz=

Do. Ptrs. .

. IntL Mamed

Do. Pent...

North *nerfcM_^_

E IS»4K-

_ B_S. Petr.

m

RwJSratiqr.

feexUntSZ

KM tlp i a Health and Ufa Assur. Col Lid
Centro, ^eg^

SSM8E zziP'o - | -

Mata Managed. KL3 - i 4 —

Imperial Ufe Ass. Co. of
01-6265410 imperial House, Guildford.

J — Growth Fd, Mar 19

._.| - fen Man

71255

=d-

ensft A Cnounefte Insurance _ rJ „

120, ReoetdSL, LoatonWlRSFE. 0W397D81 W* Ufa Asrarance Co. Ud

eODeswitR^ M9-0 mfl .—i - BaSittfo HtXBe,7/ILMoo^0t ? , Ejtt- 01-60bB<Wl

CC) BM*tv FoA ullfl 118.(7 ■ — I — - n*£M»lMi39J77.« . 0L9 — 4 —

NEL PWskm Ud
MMbb Caurv Dorido^ Strrey.
NetocEq- rj " n71A
Net** -
Nvtex , ,
drier Mdi .
NeiexGthlncCro
NtataMn cta

NriwaipolltCapZI
NetexF '

Nets I
Netaxl

0306887766

CCI PrcoerfyFlt

Crescent Ufe Assurance Co. Li d

i4NewBritaSueeLECW6Ay W-^arai King & Stetson PLC' ■

MotarifFtnl IWOfi W6J -0J — sa-SrrittLECSL 016235433

MN aa ^ lnL^— Tflj Z Bond Fd. Exempt — [£H02 8G6JHOWI —

^°P erl } 1 . — r—. —Kt. in( jSj —

L ang h am Ufe Assur. Co. Ud
ifi r HWV D2-2Q352U

+03 — Harvest Pen. Fu: d _{Q06 l*-? — .

-tu — Lfln taw A 7 Ptan — [75.9. J9.J — { —

3= S^SSms-h-^ Wd-

ai =

NPI Ptwwss Manage meat Ltd

4B6necttaihSUEC3P3HH. 06234200
Managed Fuad — .—[2693 _aO j) .,-,-1 -
Pikes Mar L tat data fcril L

New Zealand Ins. Co. (UK) Ltd.

MxUlwxf Noose, Southend SSI 2JS 07026295$

mm -

EariJyPwatanCap-
S%*At
Pm. Cap.-.

t .,^Sx==

F. rt. Pen. Art.

Money Pen. cae.
MeoMPnj.Acc...

firo-groCao —

Prnp. P*». Art —

KK we for U^Series 4

Scottish Aralcable tastocah .

P.OL Box 25, Crtftafe, SOrSng. '07863141

S®?inw«l

I rte i naHo ml 97.6

^erty — l&l

Inde/Ltailted GHt id. &T

Managed u£l

Exempt Ea Ink. — ffi-f
Oa.Aeoah__ 97 2^

Exewpr Hart, intt — B-B

Dc. Acora Sfi

ExerapL'Prep.lidL- T

Do, Aetttn W

Exoapt Cash lota. — w-0

Do.Aeam.__ Sj?

Cxeinpt Man, inh — g-9
Do. Acorn. 199.9

Scottish Mutual Assurance Society
M9SLVteeenlSl, Glasgow 08M«6321

tesasssac® aS::J =

Scottish Wdaws-’ droop'

PP Boa 904 Edtarrjh EH16 58U 031-655-6000
lire. PpL 1 March 1? ■

IntPol.ZMArSrtt.

* March 19

Vanbrugh Ufe Assoraoce

41-43 Maddox SL, LOn. W1R9LA.

I

SSK:. F iT_-=:l| ' Si

Cash Fd. fOM 161

Eorabood Holdings N.V.

Ptetermaal 1% Wniemstad, Cwacao.

T L MmK - T , S^S& ' ““ “

Euro ZL2U ...... f - 958

&G.' Europe Ohfigatlons SJL ..

wall

hSST ^L rt TeL F ^-ra0^6 Telex 887281
Europe-ObHgulons _l USJ4J.B I+0-Q3T 187

Enrotax Investments Ltd.

072733166

Eurotax Irre. Fund — CLOA^ 1103) ...... I -

F & C MgmL Ltd. inv. Advisers
1, Lauranee Pourcoey HU, EC4. 01-6234680.

Va nbr ug h Peodoot Limited
41-4% Maddox SL,Ld^WlR9LA 01-0994923

f merest

G uaanm d-

01-4994923 FUeflty International.

LSKT *“ *•"*■ l sav.«

ta'-i’-afansta.f'fflw

~~ gojUr Sa vingTnS" ^ 3|E

ns ^ Lloyds Bfc. (C.L) U/T Mgrs.

i- MgL JfttUi p.0 Box 19$.SUfeirier. Jersey. .053427561
rsey. 053473933 UoydsTsLO;taai__. [72.7 77.a.-J L76

S 129.7) 1 — Next dcafim ctvr March A. _

^ ; LtoydsTtetOh ^9.^ ^^goiS 13.12

„ arwuSS 8 ?® Lloyds' Bank tatenratiohal,' Geneva
U yaSoltn^l _ P-0. Box 43a 1211 Geneve 11 I Switzerland'

S J-S tSglSrftSS!:--®^-! )$

“tat tfg. ta. 31 . „

Lloyds Bank Infemafaotnl, Guernsey
I.V. PO. Box 136, Guernsey. Channel fdands.

d, Curacao. Alexander Fwri. -I J .) -

VarcMp^, London EC2 Net asset trim M»rii 15.

ia B1 ZL26[ ....if .958 • Louis Dreyfus Cornnotfity-FDinl .-.

do Truttee. P.O. Sox 1092. Carman blank,
am ' SJL , . . ’ 'Mar. 19. Value per Urtt USS5JXC.73.

ttaSr+he*tan*Mi wall M & G Group

0776 Tetex 887281 Tlveefeays. Tower Hill EC3R6BQ. 01-0264588

ISS43.M f+OiB) 157 AUaricEx Marct.3.. 1^12 5.« J -

Aistram. Ol Msrdi 34 _ iSCH+OlBl -

ssst ass.*:: Ks *Jsm iis

i ntL3) ° 72 ^ 3 ^ 66 ‘fe“"Urttsi-~:z;^4 4*-

- ; " ttawgeroent l o ternattonid Ud-

nv. Advisers BV.ofBermxDBftN- Bermuta. SOW9MOOO

u &ns- »r?aaur

Midland Sank TsL Corp. (Jeney) Ltd.

L 28-34. HJ1 SL. Sl Heta. Jersey. 053436281

5J-73646 MI

w PT»- Sambd Montagu Ldn. Agents

Um Z 114, Qfd Brrad S l, EC?. _ ■ _ . 01.5886464

0534 3733 13

II 13

iOM . . -

1441T . 2 Cl

loS.4 .. -

1339 133

142+ . —

IH.i> -2.1 G44
+54 _

IUJ4 *12 1L56
+4 hi _
of Man. ,0638 I 24111
1U7.4 +2.q Uhl
14041 +Jfll -

=in

•Frees at Fetxrary 3

““PMft

117£y^L&yi7
127 Sdg. As. Mar. 36.

K9I 263

M Si?

5§ 4*7 175

1175) . ... -

Windsor Ufe Assur. Co. Ltd.

Royal Albert Hse, Suet Sl, Wnfcur 68144

Investor Units QOL4 11411 -061 —

Acnmi. Peru Units — 169,7 17 b3 -13 —

Flex. lire. Growth SiC 1^9 ZZ) —

FitoxAssri Growth. aL0 ^4g JXM| .._.J —

. _ tmd

InL Fund — .

Cash Fund

Pets, tthwt Fd. Qrd-

OFFSHORE &
OVERSEAS FUNDS

Atdg Invert went

P wtta 708, 8000 3, ^^ W

Afitany Fund Muagettwot United
PJ). Box 73, a. H eta, Jersey. 053473933

225

For Me ia ndn Fori see Uey* Barit ML Cuermej.

Fleming Japan Fund SJL
37, rue Nocro-Oame, l.mtewbeuro
Fleming Marta 33... | USSC36 |+0J8|

Frankfurt Trust lovestmant— GmbH
Wiesenaa X 06000 Frarithm

s^eir-Fdzisgi

Free World Fund Lid.

BrtterfleM Bldg, Hamikoa, Bermuda.

NAV Feb 28 1 US»47.42 | J

G. T. Manage* ent (UJC) Ltd.

k««i

Anchor lrtL_Fd.

Berry ftrc

SSlff

G.T.Ada .

G.T. Australia
GjT. Bond Fuji
G.T. Dollar Fd.

G.T. Dir. (Stri
G.T. forest- F
G.T. Jasatt Small Ca..

Minerals, 08s Res. Stirs. Fd. Inc.

P.0. Boar 194, SL Heller. Jeney. 0534 27441
MORES March 1S-..IUSS&89 9371 . ..j —

Murray, Johnstone (Inv. Admer)

163, Hope Sl, Glasgow, C2. 041-22155Z1

Hope Sl March 15-.| U944S3 [ J —

SSr^d March 15 J -

Pacific Fund Feb 28..] US$4.03 I — J —

1 TyndaB Group
2 New SL, St Htfirr, Jersey.
T0F5L ravch is — qflpn

I Action, sharesi Q895

Anwreon March IB.. MILS

(Acrum. shomi 15aJ

Far tastem March 18.. 1248
(Acnaw. to ri'..

ritoSi jtf: u^l..... :m 0

GIB RJ. Marrh LM 101.6

tAccum. Shares) 3)5.4

£353&fe=K£

Etstay Mar 18. 1926

Fluolntmt Mar IB
Property Mar 18 ..
tanged Ini Mr 18
Equity Ml Mar 18
Fixed hi. Irtf Mar
Comdty. IntL raw 18.

Pacific Irtl. Mar la_.

M. G- Tyrrell & C& (Jersey) Ltd.

PO. Box 426, St. Heller, Jn-jy, f I.

Oita c— - _l - iss^wf . / -

2, Uvugmortp n A»e.. Lortftw 01-63861U

Urico iMuTFund— KhShM 5£7ffl*oia

IMon-Investment-GeseDschaft mhH
PtBHacn 16767, o 6000 Frarafivi 16

UtSS -

Urtrerta )M3SJ4 3 d4Q+OuJ —

V-CJL FtauKld Management Ltd.

42, Essex Street, London. WC2. 01-3536845

PanAiwr.O'sFd.. .1USSU8 —II —
For VTO Criscin & Assoc, lee v C A Financial.

Vanbrugh Fund Mm mL IntL Ltd.

28-34 HMSLSiHetwT. Jeney. C53436Z81

Vwfcrugh Currency F4|11D^ U05I ) 9.47

S. C. HMnirg & Co. Ltd.

3Q. Gresham Street, EC2.

sssa&^uaK

Merc. Mny. March aiM4.,
Select Rk. March lb. W3SUJ6

pi 'riJin -

V:q i s

Ui7l .... -

GTT.AseJR Growth FA.

Suioon lowest Ltd. Ldn, Apts. .

2, Sl Mary Axe, London, EC3. 01-2B33531

Nat Westminster Jersey FtL Mgrs. Ltd.

Z3.25 Broad Sl, SL Heller, Jersey. 053470041
Higtalnranv Fund K8.6 50JJ ....J 1200

fassazns^ ift

•Srii. dgr every Thors.

Kegit SJL

10* Borieuard Royal, Luxenuag

NAV Feb. 19 IUSS92D — . i I —

HSJL. International LbL

P.O. Bax 219. SL Frier Pbrt. Guernsey, CJ.

IS# ■ |ij =

Pacific Basin Fund
1 (ti Boulevard Royal, Uxenoowg.

Phoenix International
PO Box 77, SL Peter Port. Goem. 048126741
• ' 4»Bar- J

Warbarg Invert. MngL Jrsy. Lid.

7 Uhrary Place, SL Heller, Jsy. Cl P5M37T17
Mtrc.Cim. March S-K148 1571 +0471 JhR

MerFarTtlte. 17... 11)76 12U7 .. . LOT

Metah Tsl. March 18 E10B7 1L» . _

SMTLuftttThlO™ QDJib ID 8? . 3 V

Merc. Tran. March 19..IU250 l? sad .... 328

Wanfley Investment Services Lid..

4th Floor, Huljchttoo Haute. Hong Maw

Winfley Trust-. [ Htg g* 15 3.401 . . I 464

Whfliqr NMtoAs. FwUSSjw 3n« . 1 Z7S
WCjidlej'BonOTrwt„|igOT5J VTljj ... 1 907
WUflley Japan Trust. ItBSWZl MSn | L48

; World Wide Groxrtfa Mangement
10a, 'BcuievanJ Royal, Lineowouig
Woridmde G* Fd| USMU7 MMX) -
Inc Aik.: M. 6 G Inv. Iflngi, LU.. tisioi

Wren Cwnmotfty Management Ltd.

laSLCtogesSL, Douglas UM Co342M15

Wrautoranod. To

Oitaese FtnxS

Pterions Metal Finl

w-

Z ABen Harvey ft Ross Inv. MgL (C.L)

— 1 Daring Cross, SL Hetier. Jsy-, C-l. 0534-73741.

- tmmbZzfflfi

a z AUtaoce International DoUar Reserves

= & , safJSffii. , 8Sa to !iSh».

— . Distribution March 17 [(W0Q371) 043% pa)

*L AaienoxnTS

I bU. Bond Fww
Gartam FaM Manage* ttm> U)

PJ). B«X D0nta6 me of Man TW. 0624 23911

iSSSffifcBfs M :::J

Fxd. .

. Exempt Gin Fd,

providence Capitol Ufe Ass. (C J.)

PO Bo* 12L Sl Peter Pori. Guenon 0481 Z67Z69

^®p*S r « l ^S^^^«dtg&^i^3ir

NOTES

Prices arc in pence unless ettaerwise imi-afrd.
Yiekb %lshown In test cotaw) allow for HI buy mg
emeries. A Offered prices indrtfe ail expenses,
b Today's prices, e YfeM based wt ofkr w**.
d Estimated. g Today’s opening nice,
b DBtribuihm frw ol UK taxes, p Periodic
premium Insurance plans, a Single prenium
insura n ce, x QHered pnee mtfcafe ril enene
W»pt agent's comment, y ORcied pnee mefodes
Ml nperns if barite mroophiHMBen^ Prenons
G ^ ni, 7 ta * Stneakd.
) Yirio before Jeney IAx. t Ex-srigdMsfOL
ft Only amjlata id charitable bodies.

I

r ***»*'- ■ •’ ■'**** 1 ' riSlw ^^ g |

V FT SHARE INFORMATION SERVICE

Financial Times Thursday March 25 1982
FOOD, GROCERIES— Coin.

I She* I "W l*-*1 St WRIm‘-

«v ibu-

jell* 1

foO^

Co

LOANS — Continued

190-82

m Lm

BRITISH FUNDS

J9BWO I Wt«

Mgb Urn I -* Stack i 1

Financial

101% 94% FFU4m’83 W

97 88% FF\tUttS)S#itm. 9W

66 77 Do. W^cST^l-g4 86

93 82% Da. lOVpC (Ms Ln. Hb 92%

92 78 Ds. llpc Ure.Ui. ’W 90

92 78 Da. UVpc UtS-lP. 90 91

Ml* 7312 Da.12taeUn.Lfl.1992 9M
64i 2 59 Do. 7VpcAD*. W-9? W%
62 5H’ Da. 7tacADtt. W «%M

721; 591? Do. 9M -A’ '91-99... ,7**

Price 1+ bt TM
£ I - W. | Ret

2981/82
figfc Lw

BANKS & H.P.— Cont CHEMICALS, PLASTICS— Cont

.( Sink | Price M S jcwJK(P:E W? 1 ’?!*! Stack | Hu |*-"f M |cw|K|.pjs

1 1WJB2

W I

as ffi, SEEK £| t| l*

ENGINEERING— Continued % 5 £ % -h g* £ « *?

I-.M s Iniau £ j BSKft I " . H ■?. « L:

i »a i i4AK i s« n » 22 TawmvIW-^OP ?? ”? J7, r. Hi

Price + irJ Yield
£ - tot I fed.

86 -la 7.95 1369 yis ma C JigB.ww.Rwuu
gat, 1166 13.90 M 5 Dawes (G. RJ-. 5

eg pc x rjTQ *£68% £53% Dre=rteSB*0!flG . £6®

ei 1332 MJQ 630 905 f>DurBOTGrp.£l. 585

90W Z'. 1389 1A5U W% 19% First Nat 10JJ .. %
64>, +i, J158 1410 5 1% Do. Wre 75-8/ 3

5gu2 . ‘ i?iq 15J0 55 233 Gerrartf fiatnl... 274

708f " J2.S6 14J22 ^40 130 GBfett Bro*. £1. 147

“Shorts” (Lives up to Five Years)

SSi

.97 92% Etth.8VpcW83

W m Exch.3pcl983_.

99% 95 Treasury 13* 1983**

97 90% Treasury 9Vpc "83

101’,; 95% Exch.B^-83.

96% 89V Exdi. 20pcl983.

91 83% Fundio95tac’82-84ti

97% 90 Exch. n%pc 1984 ..

70 ) 56% } D0.8%cLj1. *I2J37 1 *7%*]*% jl3J2| 1435 g g GKftD.W«-,

Building Societies 123 55 GuinwuPtai

MJjI 98l« INaWe 14%oc ZLB23. I 100% 1 114.421 13.94 190 112 HaffltamSff...

.100% 98% Ital'wJe 14%ec ILSiC- 1WV
100% 98 Do.l4Vpc25.&82... MJ%

li * 7 iu tnu -<u — — i/G i«ca jrt — z 17J

r.KrlOO 975 .“... SOft - i2l£ - 41 f 34% ftr.S%K£L 38 3^.

5 ... - —| — {— 243 J 74 Ita. Paint 230 1S1

kOSIBC. £6« -% — \ 5g — 152 77 Lfflcr» IrxH 50p 146 7.0

lrp.il. 585 37 5 5J| l.SjlSJ 190 2 87 Lenjfi Ias5p__ 87 563

10JJ . 38% — - ? - ; 2.9 65 23 *»3r*,(R.H)lUi 23 4L0

T58J 3 - — ; — 1 - 022 £46 Quotas AjS'ff £103 <JL r

iatnl... 274 140 — • 73 s — 327 64 PtywlOp Uft flil

os- £1. 147 8.75 - j 13 - 2*0 170 RmsMWm.Uo 240 . 5.«

Mryta 37 0.33 * — j 3?' — 177 127 RemokailjD_ 35M . IS

182 4J3 J 29t 32*13.1 195 h5B Scot . Aq («. a. 193 +1 14

Ptat.. 75 .. WO I — lij— 126 51 SWortPCattes. 226 4-3 tftd

» - si i- ?a- js a s-m-w » .... 7

ii-iieiM & 16 SSEglfe Jb

16L89

5.68.

... 2.85
►I K.75
f3 ftaQ.94
... 0.9
5.75

% ::::: S Sis jffi Jp Sf fflSE-ffl- ^

S S" S nS “* ^ ““

14.42 13.94 HZ HamtjfosSO — -2 i J j — j i J - 15 ?« HKnirBlrinap 33 I. 09

1«8 14 06 176 112 Hilt Samuel 148 *1 tf.0 - fci! - 12S 85 hKoSetitatee:. 120 I 575

1524 13:79 -165 115 Hong Shnti 32.50 140 9W:i - , 45 - 47 | Z7 JyoritsOtwts„ 38 l-H _

if n 12.95 S3 54 Jesse! Toynbee. M tfl 1 — U2t — * ‘

14.48 1407 265 172 Joseph {L«)£l 230 . .. 10.451- 6i -

«r »«;. itvs 79 ir.mJLCkuPiu, <n 1-9 R75. ; ao* _ nnenrnu kii«N — — -

w n Effi!: 93 *ir 7.0 0.8 108 09

62 b2wS* H M(j 1 W ...j. 5.1 07 7.ID9

S i 1 Sta. 2 !; S :::::: ?'! Suifej

30 20 Bcaufortf IQp... 30 W 13 }J W

17 10 6wtfl(p.Fj5p M ■ .. . ttja - «-7 -

33 Ifiij Btrmid QuaKAst 30% If U7f0T0

233 267- Bmntfm. Mint. 174 lOi 14 0.6 (5A1

68 25 B'hn Pallet SSa 44 -

SdS HOTELS AND CATERERS

24 0.9 lUPW sg 4 BrWt Walker 5# 74 ...175 3.

17 13 3.3 pUJ 26% Uj Cflmlortlm.l*. Wt . - M A

MG - 8.7 - 176 DeVerc Hotels, 177 -1 W 1;

li U 7DE8 35 24 Epicure So . & v fli 5 i ,

1D.5 53 6.6 (5Jbl 222 138 Grand Met.50p 209 +2 1

“ 195 . . . l.ra ♦

78 WwwuBffeilt IS •
85 Kraal mrexBl » .

68 25 B'hara Pallet ISa 44 ... — — — — 195 78 Mbw» 8 tW.

£10i 704 Btt&MarSUO. 739 rll Q7 (k - 54 - 100 85 KurwaltM*#

47 17 Bbckw^Hndw.. 18 .... tff - - *175 U4 lladhrokelO

i U 7 Boulton WmlOjj. 8% ... U — U - 25 V

99% 12.09 12JZ

96% +% 955 1186
180% 13.47 1323

95% +% 10.43 1Z70
91 6.04

FOREIGN BONDS & RAILS

(1445 1376 *04 78 KuntEr Sha« 2£b.* 87 *Z |5.7a — 1 9.4! —

1 1 284 195 KJemwsrt B.L.. 226 -2 9.0 -J 571 - ,

SCO 292 Lloyds £1.- 438 *3 2138 5.4j 7.d 31 J E «

DRAPERY AND STORES

425 — 1 — *175 H4 Ladbrofce IBP- . 36J

OJ — 17 — 25 14 Ml Ctarlonf lft> 24

0.3 — 18 — 49 21 ftorWHCapSp. 30

(■« M 5.1 li '
oiu% - -

if vxv

os - y ;■

t/mugi U. I 71. 1-1 | u3.7

16.0 1 a ^ Wi -% 1.0 -Ki

i£5l&|gSiS%i15K;.| SSl B I a mj&sJ'-

1982/82

Mgft Lot

85% 1 77 [Each. 3pc 1984

+% 330 Z0J5

98% I 90% (Treasury l2oc 1984- <IFdA «■% 1Z26 13.00
— i.s»i_ \ 30^; +% M .44 uj3

67 50 Do. 5pc Pref.._.

98 n Cnileai) Mixed....

107% 95% Treasury 15pc 1985
98% 8B% Exch. lipcCmr. *85
79% 71 Treasury 3pc 1985
96 A 85% Treasury llljpc 198
98? 87% ExcJi. 12%pc 1985
97% 84-% ExCh. U %pc "86 -
74J 4 65% Treasury 3pc 1986
97 ‘S 84J 2 Treasury 12pc '86.
89 78J 2 Treasury

101% 91% Exch. 14«; 1986...

. 14.44 13J3 S 4?

97%U% J1234 13.14 I ?? I H I S? 5?°:

96% +% 12.73 1155

1031 40 ExcIl l3Upc - 1987
60% | 55 Do. A(£50pd-).,

IP S' «¥ uS & ” Si

u^d :i uS | ,fi 1 3

Rve to Fifteen Years

250 030
79 66

67,; 641s Treasury 3pc 1987
98U 81% Treas. Utoc 1987..
81% 72V Trwun7%ic , &88^

651’ 58% Transport 3pc 78-88
92V 79 (Treasury llljpc 1989

Treasury fax '86-89
Treasury l3pc 1990+t
Exdi 12%pc 1990. _

Treasury 8VpcW^0J*. 78V -% 10.79 12.97

Treasury UVpc 19*>X J 91V -% 13 31 1397

FumfiogSVpc ■8r’-9ltt 64%al -V 8.91 12.26

63 -V MI 1L63
90% -% 1Z90 D.99
64x1 -V 7.75 12^4
98%-% 1339 13.90 1981/82 j

93% -% 13.44 13.98 Lo>

™ 12.97 MIl

1397
1Z26
say?

Price

+ or

£

—

85

67

98

16

11%

ID

9%

42

40

35

32

10ZV

63

93 tS

94V

+V

. 72jd +%

250

68BI

,^ MI

UI

83xd

-1

S75

DM87

Grass VieU
20 0282
5 17 66

3 F3.10

92 K Minaer Asset.. M . . .. «0 2K 83! 7.9 179 49

22E 130 Nat.BIc-AusiJAL 148 * 2 022c 31 9.3 35 L 45

480 338 Ha:. West. £1... 435 252 S3 8J 2A 178 hia

. _ w .. 252 S3 O 2.4 1^ IM 126 -2 4j

_ £54 MO. OtmwjiBaakEZO £4Wj — ail — 49 27 Batons 10|p 42 ... L35

z <02 87 RoyatEtoiScoL 11Z ... 5.4^55,6.9 32 H 6 BosrtnBBlCO%. 7

_ 500 320 SdraJenSl— 435 rt ..13.5 — 4.4] — ?6 11 BotooText5p 17 .._

■if, ifl4l 2SO 205 Seccumbe MC £1 225 ... 18.0 - 117!- 59 _3? Brwnaer 47

3 reen i22\i £12% Stf. Pacific Km. 05220 - 6.4- lgj 108 BnlteseSW- 152

2 BW *192.3 22% Smith St. Aub... 38 .... - _ -I— 102 42 BrawnCNlZOp. Wl

2V »33 710 552 StaneTd Chan £1. 664 *4 t323 32 70 53 1J6 90 Burton Grp. 500.. 175 *4

fi JI*^ cm C1T t^u rw. ui rwi. nc-i I a til U *90 >*xm wr *lfU u

15 15J7

6% 16J20 540

Wj 15.9* y®

7% 1328 fWa

ol id lea

****%>. 34 ...-. 13 iSttLU 20 10 British Nortfnp., 18 -

-% 2-05 U 9.0 (libl 128 81 BriuSteamaSp MS .. . 5 .25

7- -^ 02 »0 4JZ A2 i* 42 22% Brflckluat J? -1 U

Stn. lap 141 lf5 61 1.7 12.1 51 40 Bnm’sCaulDp- 4* 2.75

.mE#* iS M 9.0 7.1 19 12 Brtxoc Eng. Up 36 1.04

l Al fl - ^ -2 « 32 5.1 7.4 55 20 BreokeTooi-. 20 0 75

5l SSel- ^ tS' J- 6 ”-) 3M 128 BmthertUPS*. 328 3.0

*»Kfl5p. 7 025 2J 5.1111 156 92 Br«wn&Taww 145 -3 6.4

5,25 I lJ Ti|(M<J | ^ ui |&”A“l£|l?6 •••■■ 1 rJ r • V

10 — I 3.9) -

104 - 9.9 - 430

075 - 5.4 -

3.0 1M 3.4 .

6.4 IS 63 10.4

ixi>i 4»be A Ni>J

ltrMfc..|395 1 15.8!

SS» i “ a 1 ? % S SSn-SSSf. ^ J JS Hiojffis INDUSTRIALS (Miscel.)

B—WISO;. ui « 3 M ri a I, bSKhhS if r.: a - m- i£^uU«iMi*50. .. tar. .. «V • II

^ ^ 65 25 5.4 (UI) 30»a 12 Camibrd Erw.... 13% — — - - *285 178 AGB Research lOp Z78 fS5 17 £1

Camws A 36 0.01 — — — 77 51 Capper -NelUlOp. 55% 4 2 25105 41 u 31 AarensmboLlOD- 35 ..— 12 Si l'

L25k«(SJ10p 29 ... 175 13 B.6 (123 72 40 CartJo Eng._— 57 +4 2.6 L9 6J(9JO « 31 Abbey Lid 34 B23* 2.7 OJ

Suren---— « 4, 13. * 57 38 CwxntfttfeWp. SI t?0 12 7.8 (Sfl 41 huuSmasUb- 62 • •• 9

164 j 98 GmOSt 1M dAO

91 IS ’S : 3 .. s

Hire Purchase, etc.

£2Vpi De B'cre Fr.100. £18 +% qQ15
64 [30 Lnd.Scet.Fm.10p 44 ... 233

AMERICANS

| Price U ori Qr. |
Stock j L 1 - 1 Bmi 1

56 j 34 (Wagon Finance | 48 |. .(231

I 10 r « | sx *

Hi a 3 LH me 8 .“laiaPlJHIl n ES^fel'S

i 186 1+2 ) h4-5

If 9 »f) 37 26 CajtinpslOp..- 34 ..... d2£2 LM 10.3 8.8 a3S 195 Aeroi General 205 3.5

52[8JJ 66 38 DartertmAHiB. 55 275 3.91 7.u 3.9 24 m Aero Needef ... M — B—

— — — M5 180 Chemring5p..... 285 4.8 36 2.416,4 35 42 Alpine HWbeSb.. 59 ..... 5u5

23 7.3 (7J) 34 22 Chnsty Bros.— 28 — — J — J„2f 615 [223 Areal. Mel* (Hi 560 . *90

3.4 35 8.8 KH) 42 Clayton Son 50p_ 62 -2 $6.0 -

ig {jga

nm

637 LM1L4

.5 5.3( 3.71 S.4 285

43 fS Amber Inds. lOp. 36 } f25 i MM.

3.7| 5.4 | las. (102 AwM. Computer J 177 «5 9.5

L04Jr25» 50 23 ASeMnWlS.] 30 +1 123

2512 13 ax-33SH«.I& 29 -% tfl.9 lS 68122 “J ^ «■« 3 MU 19 10 CoofcW.Sbef.30p 17 dO 5

142 9i Pro*. Financial 136d 7.5 16 7.5 116 ” « EttS&Wdl5p- 2S 2fS lSl23 ffi.« 3 16 Cooper(Fr)lto.. 16 dL5

■16% 5 Sturfa HMgs. IDp 11%| l028 — 33 — ^ Em|xreS»nH.. 76 .... pJ. bLK * 155 14 4% Cm«»er Inds. Mp. IOJj 05

*** -B', 5 I mssstt s u»

a I u lR*rti(«rtMiiop.l 22oi

U.UI iiuj in yij cooper mos. U4>. +u»j iw

— R-- 34 a Crwrite Group— 30 1.25

2LlJ ? J(62J 76 53 CrownHouse- 71 ....525

£12S £57% I

dC-5 _ 42 — 13 y,

DL5 - - 54 3*

05 — 62 - no 34

1.25 — 60 — 32 20

525 1310.6(93) 130 7B

78(94 £69 +3 toV&A - 5M- *lb%| 2

6% lAnnou- Trust 10p 13 0-13 3.7 1.4 (U

3*j AsMeylnd.Tu. 40 . . 3.5 2J123 3^

" 'AswcU . Cooxro ' A" 99-2 +— — — — .C

A^SpwerrlOp Z7 .— 1S5 14 filJfflS) ;

Mb'TltbMnZb- 93 .. .. 5-0 2.C 7.7 79

JteUoFOe,)I0p . 5»a ♦% - - - - *

u ,• :

Exch. Hoc 1991 84%s! -% 1226 13.77

Treaswy 12%pe "92tt.J 96% -% 1325 13.87

Treasury lOpc 1992..] 81%-% 1235 1353 fii

Exch. 12V»c'92
Ekdwprer Blared
Treasury 12%pc’93tS
Funding

reasury
Gas3pc‘

Excft. 10%pc 1995
12VpC95#
*96

reasury >Ik 1)2
reasury 15i4pc
Exdwjuer 15Vpe

92% -% 13.43 13.89

97%-% 1326 13.97 fS?

94% -% 3354 1325 ft?

61% -% 924 12.49 JSJ

103% -% 1 3M 13.90

104%-% 13.99 13.85 ft?

96%tS -% 1325 13.96 £?

93 -% 13.60 13.88

n -% 12.03 1352

91 -V 13.47 1323

45% -% 6.73 1154-

81% I- % 1284 1355
98% I- V 1 1355 13.70

5TL.

1114-

1355 S,
98% -V 1355 13.70 S*

102% -% 1395 13.92 £L

74% -h 1218 1313

114 -% 14 U 13.92

102% -V 13.06 1326

Redemption 3pc 1986-% 45%d -V 6.62 1057
Treasury ]3Vuc97tt„ 99% -% 1359 13.63

83% 1 69% lExcheguer 10%pc 1997) 82% (-% ] 1283] 1353 ^

Over Fifteen Years 24*

16 +% 84c — 29 “ Tr*; X. V 'i “0 21 Faster Bros 55 -1 355 3.0 8.7 4.9 63 13 Dw-AMeCATOp- 60 1.97

13% SI 50 — 7.4 W “ "‘fy-vons— ■ M -s 5.0 fffl 82 (6J) 142 86 Freemans 138 ...... 13.7 22 38115 -196 133 DwrCorp M7 +1 <7.37

15%-% 5240 - 8.6 Ard-afllVJflp ffi ..... glO 3.^ 17 (an 63 44 Wfer{AJJ20p. 51 »3.9 L9 10.9 65 «% Detw Gram 46 3.6*

12% 40c — 17 Ba»--— 226 t1 9.46 2 6a 6.0 7.8 OT 44 GdAergA 57 525 0213.213.7 a 1J DerntrslfLlOp 19 W

26% + V s 2.20 4 7 42 IE BeOaveu Brexery 20 — — I — — 24% 8 Goodman Br. 5u. 14 ... 1.0 10.2 99 70 rjeritend SOo 85 6 6

+% 5i - 24 186 101 Bell Anhur50p 186 -12 14.72 35j 3.7 8.6 106* 54 GrSSrjTZ!... 106 i:::" 4J2 11 55 BLB 130 K EswSer .. 100 57

17%+% S3.M - 95 5*2 046% -8%! 09%%, 163) f 62 — 518 367 GL Universal.... 518 +3 |125 12 14118 3 17 SamriSirae 1&.. 19 JO-9

. .... SS.40 - 9.0 ^ g«“Sg?-C“ ^ --JS £1 li ^ Gu&A SO tl «25 32 35127 59 29 dS« 8 c S oil Ip. 59 30

w = mz

111 380 233 344 875 q22 17 M

t .M Z44 160 Baird (Wm.}Q 226 1295 22 12 p:

, j U-9 32 13 Bardsey lOp— .. 16 -1- - ‘ K f

HSS 233 72 Bargrt M2 +2 ZLO - U -

31% . .7.. SS.40 - 95 l« 1« Boddtn^s.- ISO ...35 $1 3^ ft 513 355 G«A 513 +1 tS 5 32 35 127 59 29 K&toSlji: 59 fZlA 25 7.5 [55) M 72 £S?..3_7". 1A2

10% +% SL52 — S O J® 90 20( 75j 25 49 19 Greenfields lOp 2(ai 05 — 2.7 — 125 42 DuctHe Steels— 122 t45 17 5.4 ©31 39 33 BxmwHaMun 35

18% +% S205 — 6.1 }& ^ f"-*" W^l*") 158 635 Sj 57] 9.4 145 105 HabtaslOp — 132 U3.6 14 3.9 247 313 35 Edbre (Hldgs) .. 306 220 — 27 — £> 34 Batfl&PbltStd ^

29% +V 5332 — 63 ^ 38 B xjtey iBrew... 46 ..... 235 25j 75) 6.8 Q06 £86 aj.9flgcO*®2®I 006 +3 Q9%% — (9.1 — 215 BS Elliott (B.) 90 t&-0 DJS 1 (SQ 09% £10% ButrTat USD- EOT

12%+% 5160 — 7 3 |70 V2 Buime r(H.P .)... 370 -2 T938 311 3.6 30.4 17a W tUmsftieenswf. 1« h4D 21 3.9 IB S 47 26 Eva Industries.. 26 ._... 1.0 — 5 J — 209 76 BeatsonOart™ *

16% -% 5100 - 33 «5 Z50 Bnrto nyood . ... . 405 «J9 65^ 12 317 *U7 86 FHeWamalOp 88 ...... *t5.6 27 9.1 - 22 16 Evered 20 B— - - - ^6 159 Beedam S5

32p +17 5100 - 6.0 I” 120 CMa^ew) . 160xd . 7.5 29^ 6.7 72 24 16 Heteoe Lon. Mp- 26 £48 1413J2I69) 75 44 Expanded MetaL. 70 4.5 0.7 92 M jfi "g Betiak&& lOp li

19% 5260 — 7.6 ^ J Z5 *5 10.75 23 8.8(55 .29 36 Hetmooes A10P. 22 15 14 7.7125 183 122 FwmerfS.W.1. M4 9.17 —95— JS in KS^iS W m

2-? ~ 82 34 Batfe&ADnJand.! 77

| (SO Q9% £M%B*oerT)a».USfL. EOT

wHaptMU. 35 22 U

& Anted.. 77 ..... 45 2li.

. .. 046c 1S-

36%1-V 5100 _ * 3J 405 izxi Btnonwood 405

932p 1+17(5100 — j 6 .o( 1£4 120 ClarV (Matthew) . 160xd

Burtomvood ..... I 405

t .. .. 5260 — 7 6 235 I 1 ® DntiJlVn 509—1 175
+% — 5.6 _J4 L?? 5 0rllcn .IWlw | -( .??

2bl(4U] 122 84 Hep-artftWlfti 97 +1 3

tl5.6 27 9.1 - 22 16 E«ered 20

.48 1413-2(6.9) 75 44 Expanded Metal 70

15 14 7.7 125 183 122 Farmer (S.W.). 144

179 16 5.8 031) 145 4Q Fife Irrtnar 140

— 55 — 208 76 Bestson Clark-. 208 *6 85 l 4

T, 256 159 Beecham..... 235 1 10.67.1 LI

7.7(125 1 183 122 Fanner (S.W.). 1 144 9.17 - 95 — ib

5.W(L3« 145 40 FHelntmar— . Kffi -5 6.0 * ^3 4 al 48

27% +% 5270 ) — ] 5.4 )i£ (GreeiiaW WMtley J 121 — ... 3.fl 4J| 9J 161 64 }«ltons20lB 157 L . - 44.72 2M <3l35 227 32 Ftrth(G.J4.)'i0p 201

Z/M +lre 2kS III *1 g UISPM* inHiCI> Hi , ... Z.Ti

31% +^ ^40 - ifl ® Greene King-... 294 t6.3

18V +v 5172 — 5 1 83 51 Gunnos 78 ... 4.9

ZB* -1 _ _ _ 103 71 Highf'dDfcl.20p. 79 r2 26

. 3 llll7 52 34! a Hollas Grp 5p._ 38* " - h3.0 . _ __

f ? JS L?J hone Oiarm lftj 158 -1 43.0 43 2^ 85 87 61 GEMntnl.20p.. 75'

26 | 2214.7(010 » Kg Hgo-ft-r 164 66 U3 I .« I?? »

115 4.7 24 11 Fdft«Hfen/*‘

45 0.7 92 CM u g BetfakCov lOp 10

}l T li T ■* 18 B«riejrl0p-. ... 2S

6.0 * 63 4 IS 4| Berrefw* 85x4 : ... 4.Q

3.0 — 21 — 77 M Berwick Tta^ra. 33 -4 20

■ W J, 408 265 BestotJrtl...— . 365 +25 Ilf

■5-32 0.9 101 m 385 jlO Bibfay(l)50p.. 365 +10 . 85

' H 0 ? n ^ 1M % Biddle HWgsu,. 145 d98

■ 7f5, J-J J-gltB 35 25 Bifurcated Eng. 31. *15.:

H H K ^ M BHlamfJJ lOp- 88 +2 5.7

• WiF ii mh 32 22 Stick AmnriWp. 30 t25

. 8.0 qS.9 7 2 BID 286 94 Black (P) 122 ..-.A

■ — 7,-120 78 Blundell Perm.. 118 56

1 t^i 25 P li i 4 72 52 Bodycot* loti... 54 +1 4.0

' iS 1 *. Jk p 2 fa U W 14 408

2-3 f- 4 73 « Booker McC,— 68 +1 t3J3

' Src fSi?o H 234 128 Boo' (HeoryJSOp 230 110

^ 2 M 257 188 Boon 218 +5 75

03 X>

... 40 4‘;

-4 20 Zi

283P -1 - HigM-g Dwi.ZOp. 79 * 2 26 22 4.7 IfUJJ 183 117 Houye of Fraser 364 6.6 20 5.0119 47 22 Carton Eirg. lOp.. 2*

15 +% {172 - 6 3 ** nyH^rton .... 1W +3 40 « 3.6 0 103 62 HemeorLerase- 96 ...._ 6.6 * 105^ * 117 70 Glynwed 117

12 -% S160 - 7.4 « &*&•*&!»- 48 ••• J 7 S3 5 - 2 ^ 4 S ten(Enwf)m»_ 90 -2 d3.9 L7 63124 31 141 a GreenfaanklOp. 31

BestoUHI...-.-. 365 (+25 Ilf
Bibtw(J.)50p- 365 +101.85

74% 62%

110% 92%
65% 51%
1355 94%
95% 74%
79% 65%
94 76%

86V 67%
TOO 81%
107% 85

90 73%

41% 33

99% 78 [Treasury
68% 56 V [Treasury Bpc
92% 75% [Treasury U%pc
103% 84% JTreas. I3%pc 1

72% -% 12.14 12.97 ffr
M5%xf -S 1452 1351
63b -b 1110 12.43 30%

IlOVd -V 14.02 13.73 Q

BM «!

10 -% u.m u . oi

91Vaf -% 13.42 1357 ?5V

84% -% 1292 133B 3?} z

84% -% 1292 1338
98% -% 13.49 1353 ^

106% -% 13.77 13.74
92 -% 1354 13.45 <£«

103% -V 13.63 13.61
88%-% 1358 13.19 5£i

37% -V 954 1356 . »
98% -% 1326 1329
66%a -% 1199 1253 »

91% -V 1353 13.18 960p

m 1 reasury ixi*pc u>u/ . 11‘j -* iJOJ U.ja

103% 84% Treas. 13taic W». 101 Vn( -% 1353 1352 J«*

50% 41% Treasxy5ijpc*(a-12ti. 48% -% 1151 U70 ,

66% 55V (reasury Ape 72- 15t;. 651 a -b 1206 12.19 7 . 3 JP

98% 79% Exch. 12pc 13-17 97l 4 -% 1278 1278 g [

Undated ?SS?

33J« I 27% [Consols 4pc 1 31% (-% 112781 -

32V 24% War Loan 3%pcfci_... 30 -V 12U — 32%

37% 30% Cwtv. 3%pc'61Aft. .. 33nJ -V 1058 — 12%

25 20% Treasury 3pc 66 Aft.. 22%xd -V 13.06 — 21%

21% 17% Consols 2 Ujc 2fef -V 12.45 — 21%

ZL 16% Treasury 2%pc 19%* -V 12.79 — 944p

22*4

Index-Linked & Variable * Rate *32*

JURA 98 A ITreas. Variable «H.. 100,% ..... 1298 1254

99% 96% |Do. Variable TEW — 99% 1350 3350

.50% 49% Do.aci.L’earoiw) «?% -% 206 250

50% 49% Do. 2pc I.L *88 (LSOpd) 49% -% 206 250 gx

106 90% Do. 2pC I.L ■% 100%+% 229 274

101% 86% Do. 2pe I.L '06 96% +% 231 260 24

1W 90 Do.2&cl.L2DU- 98% +% 236 260 m

12 -% SI. 69 - 7.4 W Irish Distillers.. 48 .... QlSi'W 3.7 671 52 114 76 laws (Ernest) Ifc-l 90 -2 d3.9

18%+% 52.00 — 65 1 485 438 tjjcal Ian, Glen. 460m 6.49 j 23 2fflWZl 54 ( 24 Kean & Scott— J 36 —

ISO % Biddle Hhtpu.. MS — U95
35 25 Bifurcated Eng. 31. &3

10« -L SL20 — 67 79 * Marstm Thomson. .71 .... tLB 33 3.6(ll2 59

I3%xd +V SlS _ 73 213 13Q Monznd 212 ... . 45 25 3.0JU.O 210

17% .. - 1212 - 6 6 681 i 44 Scotl& Wen 20p. 531?-% 4.32 17117 (63) 144

16 -V 52.00 — 6 9 l!4 46 Tumatin .... 49 . . — — — ( — 82

13%nl J250 — 95 183 U 5 v 4*» 734 .. , tf7.5 25 8.(H 5.7 40

36Sp +30 - _ I 128 86 Whitbread 'A'... 101 ... W.47 27 feJU.S 29

15% -% S172 — 6 1 252 172 Wol*. Dudley— 196 .. . 55 3.0 40017 70

26W -% $154 - 38 269 180 VajosHre-'A-SOp 245 . ..153 2 9 3 2%5a 154

1W 5350 _ 10 4 m 112 Do. Non. V. 50p- 195 .... T55 29( 4 01(9.7) 330

601p -2 68c - 45 »9

S,* 1 * ‘ate = )! BUILDING INDUSTRY,
jaLL-riSa = To TIMBER AND ROADS ig

34%+% $350 - 55 222 1145 (Aberdeen Consul 222 j ... ( 16.42 1 32j 4 II 9.9

19%+% S210 - 65 375 176 AterthawCem. 355 ..I tlO.D I 35| 4 0| 75 ,*6|

[tlJ 33 3.6(112 59 40 Ladres Pride 2Dp. 41 +1 34 « 1181 * 188

45 25 3.B5U.O 210 107 LeeCuoper .— 323 T2J4 55 32 43 20

4.38 17117(63) 144 126 Lrberty 228 +2 17 - 19 - 240

— — — — 82 70 Do. Non Vig. Ord. 74 17 —33—215

47.5 25 a.W 5.7 40 17 Uncroft K. lOp. 36 1.0 29 4.0 9.9 223

iW.47 27 65l 6.5 29 14 Lewttnd Drapery. 16 — — — — 217

55 3.0 40017 70 46 UFIFormtuelOp 63 262 25 5.9 9.8 1U

153 29 32^IEa 154 HJ7 Marks & Spencer 153 +1 t35 21 3619.1 356

155 29 4 (jj(9.7) 330 176% Mart ra News- 330 +5 105 3.6 45 65 56

249 140 MewfesU.)-.. 235 m75 4 5 23 10.9 111

ICTDV 172 82 h® efts Lets. 20p 98 +1 6.9$ laliJ OBJ 35

- - 150 84 Green's Earn.... 149

LL8 * 188 127 G.K.N. £1 362

35 63 2D 9 Raw Preoaon % 15

19 - 240 78% Haden 220

35 - 215 153 Hall Eng. 50p... 165

4.0 9.9 223 152 Hah Matthew... 2X3

- - 217 107 Hall'iie 5Cp 208

5.9 9.8 11% 7 Hampsonsp..— 9

m

::::: ttl

-% dO.75

19% +% £210 - 65 375 176 AterthawCem. 355 .. tlO.D 3.6 4.0 7.5 ^ Pa™fise(B)lftiL 36 -1 T35 1313.9(7.3) 81 47

17% 3280 - 8 5 35 10% AUied Plan! 10p.. 11 *159 15 lkl3) J3® U PHersSftwsIOp. 74 15 - 29 - 60 43

38 -% $3.40 — 4.9 37 13 AfliedReslOp., 17 .. .. H245 - 20.6 - 385 132 Polly Peck 5p„ 355 +8 4357 29 14 04) 82 38

14% +V 80c — 3.0 45 24 Arncfrffe iOp— 40 +2 266 * 9.9 * 77 53 Preedy (Alfred) 65 35 15 7.7 112 28 14

32%+% S3 44 - 5.8 418 211 BPB Inds. 50p.. 418 +2 19.0 33 3M1L5 g 40 MtaflR.&J.5p 55 +4 3.81 1510.1HL1) 65 4l

26%-% $3.56 - 7.4 77 48 BaggenCge Brk... 65 J.75 0.4 8.21492 JO 5V RamarTen.5p 9% 031 66 4.6 D5) -146 95

>77p +? SLID - 9.0 23 14 Bailey Ben lOp. 16 10 05 8-91 — *? 39 RatnerslOo,™ 44 23 21 75 7.6 60 28

154 107 Marks & Spencer 253 +1 t35 21 3619.1 356 230 Hawker Sid. 308 82 37 11 U 05 537 Ko^’ lSasa 02% -V QflJ

330 176% Martm News — 330 +5 105 3.6 45 65 56 38 Hill A Smith.-. 50 -3 35 LO 10.C [Bfl ^6 m toSaterO^ Ss* +/ UJ

249 140 MeoziesCJ.)— .. 235 tti3.7S 45 23 10.9 111 (3 HopkinsonsSOp 107 5.65 U 75S«1 « 24 aSSlSSlito' M +3 05

| M JS 1.1* UVV J J S3SA nS a » » T, J J | |

i » terns * ® aaj: 1 =t SaS ^ St

n f 3 s* r - s 2 fee; s a si

4 il 9.9 288 |1» (Owen Owen 205 4.25

nJAHB5p. 53 1.6 « 43 6.

MB Eng.— 60 g3.75 * 9.1 4 1*1

s& Catted. 46-1 LO _ 3.1 - yo

ton & Firth 17+1 - - 1

s Shipman. 42 1.8 6.3 4

677 p +$ SLID — 9.0 23 14 Bailey Ben lftj. 16 10 0 j« 8.9 — 60 39 RatnenlOo,-. 44 23 21 75 7.6 60 28 Lake&Elfmt

13% -% S268 - 1L0 -285 104 BarraUDer.lEi. 280 r4 0235 3jo\ «4 7.8 5 38 RaybMkMfci— « 226 — 7.7 _ 60 15% Lane (PUcy) 10p| 53 1+5 J 3.0 I f

794p -3 $140 - 9.8 24 12 BeechwoodlOp 22 . .. HO 2*65(61) 23 I? Readtad 5p-... 19 0.1 —08— u lfl Lee(Aril«r)12% 16% 0.44 -

20p# 20c — 9.3 103 60 Bellway 90 -2 7.0 IJlU (8.9) 94 148 Reed Anstin'A* 75 336 18 6.4 10J 34 17 Ley'S Foundries 19 105 -

4.6H35) -146 95 Laird Group 120 -1 (4.0

75l 7.6 60 28 (Lake & OfioL^, I 51 214

120p# 20c — 9.3 103 60 Bellway 90

33 -% $190 - BJ 65 33 Bertferd M. lOp 64

14V -f% SI 80 - 7.0 68 39 Bett Bros. 20p.. 55

76 lp 48c - 3.5 135 90 Blackleys 20p. . 125

IB S292 - 9.0 550 326 Blue Circle El 474

14%-% 5128 - 4.9 172 90 Breedon Lime .. 160

-% 5128 — 4.9 172 90 Breedon Lime .. 160 .
+% $3.40 - 62 1 *36 19% Exit. Dredging.. 32 ..

263 241 59^ 9.1 15% lfl SAU Stores 12%i. 11% . .. -

d3J 24 8.1J 6.0 22 1 j Do.25*PU2ta_ 17 +% —

1664 2.4 7 3 62 162 100 Samuel (H) ‘A’. 112 625

+15.0 4.0 45} 6.B 18 9 Selincourt5p._. 10% +% 114

763 16 6.9135 133 UtMA W +2 14.6

— — — J192 129 78 Some Snood 10p. 129 +1 4.48

ITSfc r-J aflfi.ilEEte\3? ^ 1 =

4*in» ■*«!* sis mi'iuuim" ■rm in *e 11 tail 1 3 tornsAndsnlOp 28 ...—I 16 0.4 8-3--,

UV+% S1D8 - 5.3 *102 17 Brewn Jlon. 20p IB -1 *9.0 06 iW.6) fO 45 Stanley A.G.5p 62 dZ5 16 5.

2H?+% SL80 — 4.6 81 57% Brownlee 64 3.7 16 831(93) §5 40 Sle*L ASta'A*. 53 35 LO 9

1B%HI SL40 - 4.2 1 101 I 48 Bryant HW®.... 101 +3 335 3.9 4.71 7.1 30 12li Steinberg 10p.. 26% +% *052 -

d +3liSlM - 86 U2%h75 Binrert £ Hatem ^ -10U130 4.0 2.3118 « a fe«wie ^

-% I SL56 — 5.7 225 150 Burt Boulton £1 225 I *56 J — 70 42 frern-Cansuia(e.| 42 1-2 (m05

-8 20c - 3.0 48 31 C. Robey'A'lOp. 44 2.6 37 85 35 1 S ?? £"?* MUpJ .30i a L~. 225

- 70 42 Irem-COnsulate. 42 1-1

20 +1 SLSO - 5.0 81 47 Can- (John) — 81 168 3.7l 3 0 U.9 J 10? « mMflQp.JW 4268 bjS X

WZp 1-9 456c - TO 43 22 Carron 30 *128 — i d_ ( 93 61 (UDSGrogp. — I 74 621 L1H2J

-9 456c - 7.0 43 22 Carron 30 *128 - * - ?3 61 lUDSGroop. 74 621

$192 - 65 85 60 Cemex todnone 63% +% 0335% * 113 6 « 26 lUpton (OjA' „ 30 *05

+% $2.10 - 65 61 34 Comben Gp. 10p. 48 -1 255 * 7.8 6 S btotwai^ 129 ...... 8.0

75 336 1* 6.4102 34 17 Ley^ Ftondries 19 ...... 05

U>a - - - 25 28 ' 18 Unread 28 10

17 +% — — - — 441? 29% Uoyd (F.H.)—.. W? +% 05

132 625 16 8.0 9.6 15 9 LodarpiSp- 13 106

10%+% 114 03155 - 141? 9 Do. ‘A‘5p_! .... 13 106

L74 +2 14.6 22 3i 15* 350 215 M.L Holdings.. 270 7.0

L29 +1 A48 20 5.0 (U!) 35 19 Mangan Bronze 27 217

62 dZ5 16 W DM Z7B 208 MarMMir20p.. 226 «... 7.6

5. -r JtL La ’i 15 - 0 127 ® McKednie Bros_ 102 728

S :::::: S 8 « Jt ® iS :i R5

H z . M z

l H»SS 80 40 Bridon. - 67 +2 *35 11

34 U Bridport-G20p. 34 +% 142 -

S-i * 251 170 BriLJurag«r50p. 176 +1 b7.8 2i

31 — 78 99 BBItEA. 65 *2.0 4.7

7- X 68 42 Brit Cine T. 12%) 50 21 -

J 3 * 57 '23" BHL Syphon 2flp. 24 -2 *25" —

H S | 189 120 - British Vita — A. 3464+2 5.4 «

^ i 2 *910 437 B.H.PTOD.SA2 «5 tQ40c ZJ

|5 • 52 25 Brook SlBr.lOp » -... *234 _

1-2 “ 30 141, Brooks M%L2Ck). 27rf Q261K «

M - ZT 15 Brawn Bpv. Kent 19 — —

H — 124 76 BrantonstMossl- 117 — 9.46 14

H ri 45 19 BurcoDean 38 10 0.4

ZJ 5^ tr:

♦ 9:^4

wiz J

Si 2TO

MusresiCWolOg 85 —
^H.IWTsJ0p„ 20
CSRAS) . 192 +7

Canning £%)—. 67 | 3.98

Caparom*„ 29 7 tlO

Cape Industries 375 -3 112

U'a +V +Z.1U - u di y, Lonroen up. iup. -1 am 9 10 9 *3* “ -“7 o-u y- T-f 9 +1% 11 neeosma„ 1 iu - u.v — 25 14 CefestionZOo 141* 4L0 — on _

26% +% $ 2.40 - 50, 133 b2 ConderlitL 70 .... 4B 9 85 9 ?0 56 Vftlker{Jas.)... 56 -1 43 1710.4 6.9 44 24 NeirfUas) Hdn. 33 *14 15 * DU) 1? 13 dns _ iij _

15%+% SZ60 - 9.5' 282 172 Costain Group... Z74 -4 tl05 33( 55 62 » ,53 Oo. N.V S3 -1 4.0 U 110 65 71 44 Newman To*. 71 I .{ 51 I 0.9 103 S3 135 m 5M S- - 5? - 5J

97 *2 10% - flOLS 268 142 Do. Deftf. 264 -2 JJ2 104 Httring SGritow . 104 -2 55. 12 7.7 133 91% 62 N.EJ K> 2 -1 1?3.75 25 63(14) 491, »,CS « 3.1 L7 90 7J

INT. BANK AND O’SEAS
GOVT. STERLING ISSUES

99% 90% Finland 14%pcU) 1986 98 14 JO 15.16

97 87 lm. Bank 5pc 77/82. 97 526 12B3 ■}& I

9911 89 Do. 13%pc Ln 1986 .. 98nl 1178 1425 S' I

101V 94% Me* 161a* 2008 100%al -% u.« 16.61 H % |

100,1 88V Sweden X3%pc 1986 97VX +% 1188 1439

16 85 48 21 MhcheflSHiJap 42 -1 ml.O 6.4 3.4 -4.9 +£' UV

12.0 OUZ) 1B2 102 MoUra 364 -3 7.9 22 6.9 7.6) Tt ^5

- t - 116 67 MossEng’g 106 595 U 8.0 (HZ) ™ un

♦J 92 * 19% 11 Neepsend 16% 03 -0.9- ^ ‘ft

" J 10.4 59 44 24 NeiHMs)Hd». 33 *14 15 * (HO i5

110,55 71 44 Newman Tanks. 71 ,53 59 103 S3 S

7.7130 91% 62 Nil.- 8P? -1 1g3.75 25 63(14) ^91. 29L

63 5J 3% Norton (W.E.)5p. 4 B- - - -

innnA IT «n— Jf-ur-a — -r_ 94 ABB 9 4 1AA it ii

(Cape Industrie 175 -3 112 13 9J (Ufl"

ESSflSl? 190 "... 75 * 58 ♦

+3 ' 4505 57 25 93
Cetestion20p... 14% dlO — 93 —

10%-% 40c - 2.1 IT! 68 Countryside 324 3.85 4.11 4.4U.1 *?4 51 Wwiwell Sp — I 62 +1 It275 { 3 J 6J|5 J 7% 3% Norton (W.E)5p. 4 If- — - _ % a j?* IwlSwS S : - — -

36% 53.00 - 9.9 *245 113 Crouch(D.)20p 113* .... 5.05 L9 6.3ll7 ?0 2? NkmoWarbln. 90 J 62? 3310.0^4) 2& II dMfieUFMijs!p.. 13 -...088 3.2150 43 142 yg m t053c A 44 *

19%+% 5100 - 23 '184 85 CrouchCroiw... 12(W +4 44 12 5.2(1205} 70 1 43 |wbolworth...._.| 52al| [426 |i|05jlL7|Wfl 210 126 Pegter-HawVstey 206 +2 95 26 6.6 73 « SSSS.t ^' 7 31 Sf 1 + _

2£ir&3 - H 1 &. SffiSSSK-g- ^ 27 4 h ,SS 21 822^^- IS iv ^ “ J- M i§ Sffi S¥ot S 23 7 . m

.5140 — 7.2 87 56 Douglas RnbL M_ 60 ..... 435 27 83 6.1

€ 25%+% J3.40 - 7.3 8 4b *DuntunGrp.5p. 5 .. .. - - -142

19%Hl +% $2.40 _ 6B 87 54 Errth.-. 77 .. .. 4.0 21 7.4 75

mXr +% 5200 — 8.2 166 69 FainJoughCons. . 166 +2 5.5 * 4.« «

-11 $180 - 10.6 99 39 Feta. Inti. 20p._ 98 th20 3J 2.910.0 l S ~

-% 72c _ 3J « 33 Do. 'A 10p._.. 80 tti20 3.8 3^8.1 Lif

178 88 nman(Jota)10o 244 +2 $6.0 35 6.(» 53 SS KK

ELECTRICALS

64 32 Porter Chad. 2CpJ 36 | *26 - * -

120 43 Pratt(F) .( 66 1+2 4.4 - 95 —

33 22 Prestwich Parker 29 I — — — —

CORPORATION LOANS

93% 83% (Bath UVpc 1985
98 88V Bimtwv 12%j* 1985
102 86 Burnley 13pc 1987

95% Bda

»% MJia
100% 97%

99 93%

97% 92%

76% 67%

98% 79C

93 gf,

26 21% 0.3>ax Irred.

10(P 2 941? Lon. Cwp- I3J4PC "83
90 82% Do. 9Vl« 'B4-85

85V 78 LCC 5ta« ’B2«4
72% 63% Do -5%pc *85-87
70% 56 Da6%pc -88-90
23% 18% Do. 3tx: "20 Aft.

9734 89% Sunderland 12%pc 1984

92 +% 1223 14J4 g73p

% 13.01 1M7 ir

99V 13.65 1430 15%

89% +% 1228 1456 14%

99>,i 1254 14. OB 24%

98V 1272 13.94 31%

97% 95i 13.62 JOS

76*SI -% 8.99 13.40
94al +% 1430 1433 96^i

178 88 Finfcrn(Jota)10p 144 +2 46.0 35 6.0 53

■ » 19 Francis Pkr. Mp . 20 10.35 21 25 (ZU) ^2 ^

ANS 109 38 French Kier — 10W» ..... «25 33 4.4 7.9 5 S ^

IDVI-V (SI 96 I _ I 3.6 M 32 Gallifbrd5p — 61*S thd25 33 5.9 7.0 ? ,

S-S LM I 1 .25 16 Gibbs D-dyAlOp. L25 UUU)

10V -V SL84 — 78 S lb ^■nwuoyfliup. 22 jjo ill u

8603 +? *196 - Ml M U % ?|S

93 +V 10.48 1361 20%

24m 14.79 - 16?«

99 1339 13.92 16%

89% M 37 13.13 U%

85 6.47 1321 S7te

72 -% 781 1357 21*

66% 1835 13.96 l20p

21% -% 1432 - 18%

96% 1270 13.77 ]F

32%

CANADIANS

Bk. Montreal S3... 10% -% $1.96 - 8.6

Bk. Nona Scut. $1 1S% -% $184 - 7.8

Bell Canada $8% . 860md +2 SL96 — M.l

Bow VaHeytl 639p +13 15c - 10

BrascanH 933p +13 5180 - 85

Gan.lmp.Bk.S2... 32 5208 - 7.7

Can.Paeific S5— 14 -V SL90 - 6.0

Do. 4pc Deb. £100 30 IS. - 13.3

Can. P. ErL|| 74lpri +3 SI. 12 — 6.7

Gulf Can.U 577p -2 44c - 3.4

Hawker Sid. Can.|l.. 492p -2 96c — 85

HofllngerSS- 11% sS220 _ 82

A.B. Electronic 117
NLAGSKEkaSp. 85

MirCaJI 275

Amstrad 235

69 pubbZfc

68 Clarke (CtemeriO

+2 5.43
t?^7 |

40 _ 49 - % MS*®**- ^ 7. * n T B 70 35 MecSSTl 59 -- ’zQ - « -

fe 75 fj Bm ^ ^ teSS £1 + 2 1114 * 7 - a ♦ ^ S iSSSifc im. ...f.. - :: .T

EAk i, ’’7 87 28 Ratdiffe Inds... 31 ...... — — — — f2l nn cms Cm ti rut. noui _ a* _

208 HO AttoTedSec-lOp 195 (lt)12 5.9(0.9(20.4 « IB

*5 s«» — ^ -m i 0 ^ 7 * * S 50 SSSSSA so r.j

:aJI 275 ...... g4JZ 3.0 22 073)

ad 235 143.95 5J 24116

Elect 23 +1 dl.O - 62 -

ironic lOp 4 -1% — — — —

peP»j.M. 5 ...... 8— — — —

3 Mufioowric 10u
2 j De.12ncPtg.Pref.

BO 42 Ratcfiffs (G.B.). 75»d -1 20 « 3.8 *

65 39 R’damH'nanlOp 51 42 — 118 -

75 34 Renown 4® *20 - t —

56 38 Richards (LeicsJ. 50 — .. *43 - t -

9 a I Til * ?"«■ 06% QS260 - 86 -

aS * ill * ?? M CoRLStatteylOp.', 29 ..— 235 17105 73 '

« — 118 - 61 32 Cope Allman 5p 44 -1 20 03 65 -

“ 2 22 Copydexldp.... 42 -2 mlO 13 3A BW - -

" ? “ 38 23 Cosalt 34 ...... 35 14 14.7 KB ■"

m T T 56 31 CnortnyPopeZOp 52 ..... 105 3 J 65 li

2 75 2 S Cowan deGrtlOp 35 H35 0314J - . .

fa 11 tin ^ W°* U 8J 9.4

li is 9?, S3 Crest Nichol lOp. 99 2ffi 33 4JI14

15 18 29(75) ji 1z P CmbrWrHlOp.. 7% 0.05 - 1? -

t,5n 7? « '« ¥2 2# Da^tyn 322 +1 220 14103 f?3)

ix fjinsma iZS 60 0a««4< N’wnn. 72 U924 fits * gUT. .

535 12103m 795 605 DeLaRue 625 -5 21.0 26 tl -

*5 Tn 79 75 ^ ^ J«a99fi.C».91-9i £66 0996 23J M.I - .~

i na U li 1A S W Diamond SLlOp. 10 31

nrc 7x n 1 run 8i 2 Dlnkie Heel 5p . ®? 05 U 8> 14

°i 7 f 47 -2 ^ ■ 146 DfpWmalDp — 2SOm +12 td34 28 22 U3 ■■ .

inn it iiiffl u9 73 Dnhmu Park Mp. 85 i21 U 8i 85

a?: ^ iA 1Lq 75 53 DomHIjfBLlS U ”... .02 9£ - :■

Btt.1 143 £JJ% OJ% OwerCofP-USff Q3V +% 066c — 2i — ' ' '

: r:c g wa ^ -o.& u? 32 «-

aste: A -i- any

HL »« « S f %$±zz: \ a;- H “ “

f =i*v

an « I"? Tt W EIS XU +1 4.15 33 5j3(7JB ; "

Jf-Pcn j a y'nMo. ® 67 Eastern Pred. 50p. 83 4.62 16 UHlS -•

1W58 24 20 244 * l9 Q Ufl Elbar Inds. Mp. 110 . .. ^0 _ *^ -

4« u ?!«» tt 31 sw*fipp- — m S3 umu-r

StoSW ..} 74 4.62

Z5 ♦ 7.«*

HofllngerSS- 113

Hudson's Bay II.... 962p

Imperial Ofllf 10

InccHI 673p

Ini. Nat. Gas SI... 850p

96 2d +25 S120 — 55 88 54 Ibstock Johnsen 74 45 1 D7| 3.7 P71

10 +V Sl« - 6 2 101 67 *nt- Timber....— 82 *1 40 I — J 7.61 —

673p -? MsSc - 16 lfl 7 tev.s(J.)_ 285 tlJlUa 6.3 5.j

“li' OjI 87 m S 15 Cw»rtR«a.lOp 44 ...... B20 . 22i 65)18.1 *« n lsS^SkTiob’ "3

40 _ 70 - 59 34 CrayETtranicMp 59m +3 1fiL13 2* 27 128 % f? •

TI3 2 32 6 8 59 ^ Crystalate 5p.^ WO +1*2 L75 3.6 2-5 12.0 »t7A jya Sofrax-Sarco 135

- 1 - lit § 55 DBjeaoMp 67 .. dU U 5 3 Wfl 2^

® ? 5J i 7 i j Siffi i l 5 i iSfe 8 *

025.9% 35M.9^5 % DuSS^ 0 ’' 76 ‘ l ' iM 26 29 SS S “ S

* i 5 h* i J iH’i i : s i r* s s sasfc a

75 2.6 65f(65] tt? 45 -1 “■* 3 9 19 61 33 Te*. Abras. lOp 44.

WiumajM ^ ^ -m * i?5 24 Hon ^ ^ BSKrhSl *3

a? il ifw % P -%• 10.75 n sssta jx 2

COMMONWEALTH AND
AFRICAN LOANS

90% | 82% [AusMjpc 19S1-B3.

67% 57 N.2 7Vpc 1988-92

Place Gas SI ......

Rto Algom....

Royal Bk. Can. SI
Seagram Co. CS1
Tor. Dorn. Bk.Sl.
Trans Can. Pipe..

50o +30 SLID — 5 7 10% 5 WayptartL 6

3* +» 5LUI - SJ 7Mj ag lenrerrgs 5AD50 . 70 +4

S -2 - - _ £ 69 WotetoesPIsUb- 97 ....

151, + i, «i«) __ aj *29 11 Junes Edwd. lOp. 16

U S2 OO _ 79 £29% £21% Lafarge Cm. F100 £22U. +V

» '+%" uaUB - 33 K 37 Lbing(Jalm).... 81 ....

S “So = is Jg 150. MLa

10% 5116 — 4.9 “ z 72 Lawrence (W.1 162

13 2 32 6.8 5.9,
- - - 116 |
515% 20 65 7.7

39 13 Spencer Cft. 2Qp. 20 ..... 0.4 -

Hs! u M Spencer GearsSp 13 ' 0.75 li

la roS *1 ? 6 124 Sprra*-Sarco_ 335 44 21

53 (3UJ 277 ^ Suveley Inds. £1 240 IIO LI

83% 74 Do. 7J-pc *83-86
150 lllS Is. Rhod. 2%ocNon-

66 43 Do. 3>ipc 80-85 ASMCI 64 1 5.44 1760

43 26 I Do 4%jjc87-92Assid. 41Wj. .. M.9B 17.00

W% 6.75 1353 »«iir

65V +V U-39 1402 198142

83V +V 923 13,43 ti* Lm

50 +1 — —

64 5.44 17.60

Am(£10ttu)| 342x1 1-3

BANKS AND HIRE PURCHASE £ S IflSSIfc ^ gj B A M] ^1

JTL\ - UMftWKU 4k 4 K-cKfc £ - ^ g | z= |

« ms m teKSf fs S2 l&mim m

22 13 tTomkini F, H. 5p.| 22 ...... tU5 22(75(72

BS 44 Z3 {TriplexF-dteies.} 25 10 -15.7-

iS-f 240 86 [Tnte I mwsts.nl) 140 75 — 7.9 —

2 } 144 58 fTurrrff. 1 1 Ml 4.0 551 4.1 4.7 .

LOANS

Public Board and Ind.

66 | 57V Agric. Ml. 5pc -59-89 62V | 8 18 1 1356

29% 23% Met. Wtr. 3oc 'B\ — 23%aJ -V 10-50 12.88

114 97 U.S.M.C. 9pc 1982... 107 8.63 —

99% | 91 Oo. without JWartti. 9V = | 930 —

S ts » aa” H g SBiB-S 4S li ^ %5$8 P & 6 M

£58 , 2 |+% |M6%| ♦Jjf ♦.lia ^ SSSk* S +1 6.6 l| 7 S’ 2 " 1 S'?? H

24 15 Utd.

Eng’QlQn.

SprlimlOp

2S2 I*N358

— — - 31

05 16 W 14

+12 W35 28 U 235
521 17 8J 15

.05 - 3.81 -

alJ IS RJK=I % :i gnimi'PI Ji IJ H-1J fcljS

uii-fta:* v % ssrffi a i im ly^iss IlS i

I17cK' 5( 214 |7^9 Vickers £3 158 -2 020 * 1L7 * Hy 7 ?2 S* 1 “f S3'--'-

luSS si ‘S K. 1 ^ Jg S - I!™ I a aSK«S: S if “ 83r ;

§1 58 Wankin50p-..,. SO ....... *325 - J- etL ^

!_ ilH_ ,S S? mow m 4*5 TJg^u 857 573 G.E.C 820 -8 11025 5.1

\-mz H? S iwwuMTi ^ -:r i™ s I i 9 ) S P\ - 253 95 KhMiu. k» -5 ch u

TfSL'" — — 5JLX, li m.u.n...— ifj- TI9.3 J.7 3 J JJ QC JrUaHlw-W t \ 1 IfM

— 0.7- 91 50 Meyer (Mom. U 69 +1 *3.0 - * — *2 uereSSSs'fr" U

>20 61015 — 7.4 — 80 50 Mifbur.. 66* .... 4.9 3.111.102} S ,% u3S5sR«£r «

K li U S% 8% Miller (Sian) 1H> 12% *dl.4 - * - 2k EEESJb ??' ' §

♦3 1175 5.7 5.8 32 go 60 Miwwierere 89 -1 4(B 02 65 — -Si* ±5 1— Suwd «

+2 05 } - | 29) -

15 64

“ 34 12
“ 12 6

i Intfcntr’ll 72 -1 55 15 9.9 8.4

(C.AW.U 12 ...... — ' — — — :

AssotlOpi 9% -% (LI 5.9 15 118

... S - +3 J??- 0 053 H 30 31 19 Motf - Ensinwn 27 3.0 0.9 15.9 W 7A7 Ji" In

££ S'? - ,5-2 - 67 22 Monk (A) 64 1275 4J 6J 68 fTl l g S' * 2 ^

£1-1325 +10 23.1 — 10-3 — *194 12W 3 Nlowlem IJ) 183 18.75 28)6.8(6.1) m?

7, *62 1 18% (Weir Group 56 +% (U — OJ^ -

* li T* 63 25 S5 25 - 5.M -

W J.HI 9 I U lUMhnan Cnra'a OO. 1 Wt na in oi

& + E®» ± MA - ifi |r

■.«* A 1% — — -3+- • v. : J: J

17 S 84 Em. China Clays. 157 7.2 21 IffifL {•»*■>

91 86 liEgulpa lCfcj ... 91 bd3.1 21f MOU. ■ I".:.

194 120i 2 MuwlemlJ)._ M3 1275 28 6.816.1) .5” ifL ^

580 288 NewartMH£l... 580 +S d7 0 5.7 17 S.4 1/3 3fl l,

154 110 Nort.6nck50p 135 6.62 13 7.0 (1U) | i 'SnS'iS e wT?L- I s

134 84 Phoenix Timber B6 *10 - * - ^

255 170 Puchns 220 9 0 6.4 58 28

248 151 OM,> Oft ns eil an +1“ 665 Mitel Corp.l). — EU7%

RMC 244

15% 7 Raine Inds. lOp 13%>d Z0.1

103 70 6 Ram us_ - Tfc g*.0

200 141 Redland M7 7.34

£80 £58 Pr«and[£ WfrnJb). £75 — — — —

135 oa Roberts Adlard. 123 8.0 3.9 93 4.9

*185 114% Rohan Grp. lOp - 177 MEW 4 2 6.9 52

52 34 Rowlirtsan lOp . 40 d081 35 2218.0

1 13 60 Ruberoifl- 313 +2 13.T5 3.0 4.7 10.1

& U 4 JI BP 1 SBffz SP 3r V £ H £

_ _ _ 107 75 Moray Tech. 1ms. 87 — - _ —

80 ii qi ac 29 9 Newman Inds... 9 - IJ— — — —

h 69 i2 22 . 12? townra* Louis 230 +15 1L0 25 68 78

SSl 33 28188 2® 136 JhffonEfcctWO 167 +2 013% 29 0.9 38.9

no i* 7 n 60 94 WeflmanEng-9. 44 355 »4 10.9 -

'V isn is Hiiq M 8% •.BmnSp'g.Mp- IU* — — - -

-2 120 1.9 5.7 U5 ^ ga 7.0 4.1102 29

— *7 — ” 91 32% VWiessoe 87 -1 h4.0 4 2 6.6 3.9 1

7 7, T 11 6 MewayWbalDp. 6% 085 - U -

3.0 + 15 ♦ 28 lfl WiHfamsCwX. 27

•— “ — — ~ H2 60 unms& James 73 241 — 4.8 —

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-4 3.0 23 3.6163 310 a0 YarrowSOp 305 8J5 — 3J 1

wm

55 21 NonnandB.aOp. 55

£37 £22 Norsk Data A.aJ £31%

a £ J ii n d a uw & fj W ^ «
« a.EsSSs; s tiS fctsi | -a

63 19 Smarimiflu- 58 d38 22 fl.9 7.4 fin- 0 05%'

FOOD, GROCERIES, ETC.

zmz 4i a

63 39 Smart (J.)lOp . 58 d38

33 19 Streeters 10p... 26 - - - 93

"78 238 Tarmac 50p-._. 478 +2 tU8 311 48 78

04 442 Taylor Woodrow . 550 +5 51331 34( 33 3«

158 116
163 130

478 Z38 Ta
604 442 Ta

347 125 Til

“ 1 512 291 PWn«Ui.R0. 482 -5 QM96 ♦ M A ™ « Ajs. Fisheries.- 69

33 la 78 151 60 Piezo El Pith. Ic . 80 -S _ 1 — _ 303 190 Avana Group 5p 1 2S3

ii 3810J £3 JS PjfcoHldgs.20p_ 205 -2 588 4.M 37 8.1 150 92 Banks (SdneyGM 14Z

TOH f ...Iz?J8i -1 gjlTr 1 220 1S2 S

; 700°“

191 100 Trawls 4 Arnold 176 3.94 45 32 85

36 20 Trent HoMass Up.. 33 20.7 5i 10 6.4

570 236 Tunnel B 550 4418.0 28 4.7 116 fi?

79 47 UBM Group.-... 55 -% 0.0 - t — 2%

9? 40 MMCromcDniafa- # ?3J 18 125 7.2 SS

37 34 veefe Stone lOp. 30 18 22 88 6.9 S?

255 150 Vlbroplant... 170 dl453 081L2 07S 3 .S

69 34 WadHIte.lOp. 52 d4.2 2J 11.5 (43)

94 59 Warrington 90 45.32 26 8.4(52) ^

207 151 Watts Blake — 170 1385 42 2-7 M5 J?

83 53 Wrtlrm Bros ... 55 _ _ _ _

32 16 Whatllngs. 32 .. .. LO 4 3 45 55 «

182 102 WW’gh'm 12%p . 156 +4 7.0 4,1 Lb 4.0

ID 36 W«lm6nimKk. M6 -3 115 65 38 45 J 3

208 58 Wllson(Counolh) 198 ttie25 M.7 16 67 55?

129 78 Wimpey(Geo).. HO 255 45 33 63 5®

MttJSiLS

WesseySQp — I 3S0 -3' 17.63 27^ 2.9 1&2 2“

OB J s 6 -eSVt a h .» tiff- 9 2

f lfl. 0 12J 4 7 118 l 7 ^ BO Quest Auto lOp. 80 gLO — 181 — If ■“

F “ V - 5® 284 Racal Beams.. M5 t«5 38 1718.1 » «

5 12125 7 2 225 109 IWiffuSMft,.-.. 225 55 21 3519.9 J2

18 22 86 69 230 76 *5can Data 1%, 95 +5 u20 4.4 30 84 ^

dl453 08122 0731 3 ,\ 5 ,- tt 3 Scholcs(GH) 310 fl652 23 7.8 85 ^

I" g l 8 was: ^ * J }L5 _ ^ h'”J A

'ss ii iv$ ™ % esask ^ t &

_ _ _ _ 545 365 SnLTH.&Caiin- SZ7 +4 135 q24 3.7 D5 %V?

10 4J 45 55 Sa SeterBmrkalSp 57 +1 0.74 4.7 4.4 MJ f 7 «

7.0 41 65 4.0 S 2 Telefusion »... 51 f!5 32 45 7.8 « »

111 69 34 45 J2 i 8 Do. , *'WV5p. 50 115 32 4.6 7.7 l|7

* M3X in i 16 A 7 J® Trte. Rentals.- 335 825 22 35 16.4 gl 74

255 « 13 69 503 282 TtowEMI^.. «28 -4 1453 M 4.9122 158

255 4.9 33i 6.9 3351, p, DMp!Cw.PIW99- U9% -% 7% 15.7 8.4 - ^ 145

121 85 ThorpeF.W. Mp 121 *2.45 4.4 29 9.4 lg 90

% 175 2® J 7 * IS 43 M3 32 17

AST CS te 19 WB.0«W*ffiL- 37 -1 157 3.4 6.1 62 55

- L3 1?

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7.2 ?£ "SS5SPPBC- ^ U.tt 24 3519.9 ^ »

M 84 f® ^
7.8 85 -45 S
L4 391 30

_ 450 243

13 « »

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CHEMICALS, PLASTICS

600 295 Aioo FI.2Q 600 1 010%| 4 ( J

198 98 AH'4C(HtaHll0p. 1% -2 1273 h{ 2

92 60 AnchorCherp. .. 7J j *9.38 1 oj)

49 30 Airow Chemicals. 36 _ -H-

45 78 44 24

48 7 7 2M 137
35 164 131 74
4.9122 ^ 1»

£34V £23% BASF AG DM50 . £31% +% Q14%
"£3tt% f2p%1BayerAG.DM.5lH £28% +% Q21.88

> te 19 W&EkowicatL. 37 -1 157

' . *335 128i 2 Utd. Scientific- 333s — 63.0

73 * 215 35 WewmLV.H0a- 70 -

20 25J 125 69 Wart & Gold— 112 -1 t5A

* - 137 80 HfcbterELE*. 98 ...... d35

“ - 26% 13 WellwHlds.5p 38% -% 15
|i 14 4 50 18% Wan. Select Zifa. 44 -1 ,23

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46 21 (Brd-Tar Pnf. Jjb.i 39

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2J )15U 7.§T(10D ]
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68 46 Coates Bros 67 ....

66 40 Do. ‘A' fiV. M „. &3

18 T3j 2 Cory (Horace) 5a 16 ....

84 32 Crada InLJLOp.. 80 +1

57 IS Creda Int. Defd. 43 +1

25 12 Ohur-StramlSfl.. 23

142 98 EtlK&Euerart. 142 ...

295 112 FrsonsEl 285 ...i

71 36 Halstead a.) lOp 70 * -1

ENGINEERING
MACHINE TOOLS

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166 120 Eipewa lal. 12%i- 138 6.7 1J . 6! (3ft-.' • <»

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25 .5 eEuroflarne 8 a _ _ -

3M in |« d ® H “9S- 2 0p 93 +i 185 4J 2J

28B 159 - ExteL. 285 +3 l«jQ 24 41 w

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inn ^ M5 *1 *90 L7 7J M « . !

100 54 Ferguson Ind.... 99 5-5- W •*$ P*- *•

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im M? 2 £ 5**2*on-- 27% os.** 45

1 S SBSEXtb « : 3

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if 1 43 BSfts Ete

^ L 4 wnna # « !

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131 +3 5D * 56 2 tv 5 ti>«VMuei2Dp 53 ^ S? 1 15

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203 +3 43 - AO ~ ft J fM"tfns5p.- * - -

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162 +2 162.63 4 J 2J Dj

315 rt.ft 34 JJm

3.0 -3.1 6.8 52 25 M Al Ind. Prods— 10 .—.ML |-(-|_ 176 87%

297 163 A-P.V.5Cta 270 9.0 3^ 46 6.6 W 35

b7 0 12125(92) *13 3% AbwoodlOp — 12 ♦— — 14 s 270 165

_1 lii ML!-2 704 67 Andsn.SWyde- 104 +1 " 14.0

*57 37

197 123

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210 90

96 te% I Meat Trade

1 rjflil i | WEtis

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260 tfi.o AS 13134 77 lo 35 +1 —

193 — bs u isaii hi « zssst* s — %i i

m ' 2 tI is slat 4o 3 ?g

[ * w

- — - 76 42 Arrow 72 0.75 -

— — | 50 25 Do. *6" - «S -1 0.7S —

120 Adwest Group— 195 769 2i

1« 270 165
- *193 125

I — 154 %

1L3 14 9

..... 10.0 jq®-fl| 51t*S 70 36 [Allen W.G [ 40 "! *3.U — | * _ 83 V

1 m I M ML?-* 1 3S5 M Andsn.SWyde- U4 +1 14.0 2J 56 73 54 »

s « Jibs £ ^ &$%■. }

% I". -T_ “ .60 9 inaer-Cihi avi *2 *?■*. ‘

as 1137 iflbtMSiHlai UJTHHOMJII5 |«i |SS»SC:|« Cl |SS | f9 £3 B 8 B

a :::: aaa >8 j ttsaate-13 4 . 3 - 33

Mm. i HS EsS™-™ tU- '.. sal

WW.WJ.'S |..‘.|,i3.|

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L

£165
2oa
224
227 78

7&2 15

a u

IS 8
29 12

CL61
•146 92
56 15

58 I 30

66
32

as

»m*

371*

ISO

m

190
17
£75
130
213

131*1 13
97 72

71 <1

63 48

29
475
35B
£82

39 18

lib j 5
160 { 59
*542
286
94
156

B*
ff

308
200
47
286
121
205 ,

90 UB
102 62

30 17

PeUrocan I?*
Ptffllpi Patents
Photo- Me 50 d

102
102
130
90
230
222
00 35

35 29

133 72

118 72

114 81

53 36

5
85
L40

69 36

128 691;

85 60

108 92

72 50

110 63

75 29

672

23
106
2*

70
'23
238
*22
130
55
11
236
23
450

103 I 56

93 Wfcstt. Board 1».
47 IWMlM>A.KKS1-
70

99 50

574 225
67 20

25 131*

U5 r

102 70

MINES— Continued

Central African

14 Endeavour 20c,... 15

60 Ig.M KrigocrtriSc 295

6 Great Eastern — 6

38 i6imd»olir*Tln50c «3

Hampton Areas lOp 144

Hjfsma N.W, — . 19

9 Inti. Minim...-, .. 13

16 JirteftoBaiSOtfP). 17

?L Karfaan Min 20c.. 5

60 Kitchener NL 25c 65

9 Leichardt Eajdn... 13

92 MeeUtharraZSc. 118

20 Metals E*. 50c.... 20

12 UlHrmar Um 30m 14

300
210
12
660
525
160
•29 [ 10
150 ] 60
353

1B0
505
633
£OTj|C93ia
ia3 ii
47 | 12
44
650

NOTES

Unless otherwise indicated, prices and net drvUends are In pence and
defluorinations are 25n- Estbitated pnce/canrings ratios aad cows are
based on Men anal reports and accuunii and, where possible, are
updated on Iwlf-yeuriy Hgum. P/Es are calcidaird on “Bet"
dtstribrekto basis, earnings per share being coaputed on predt alter
taxation and la relieved ACT where applicable; bracketed figures
indate 10 per cere or more difference If calculated on “idT
di s trib u ti on. Oners are based on "aarinaim" distribution; this
compares grass -..Mend casts to profit alter taxation, mtodma
exceptional praffcc/ksses but Including estimated extent of offtettablr
ACT. Yields are based on middle prices, are grass, adjusted to ACT ef
30 per cent an d allow for value of declared dotnfaotioa and rights.

• “Tap” stock.

• Highland Lows marked thus haw been adjusted to allow Ibr rights
hsues for cash.

t interim since increased or restored.
t Interim pnee reduced, passed or deferred.
tt Tax-free to n on-res Meats on application.

6 Figures or report awaited.

• U5M: not listed on Stock Exchange and company not subjected to
same degree of reguMon as listed securities.

tt De*H in under Rule 163(2Xi); not listed on any Stock Exchange
and not subject to any taring retpreeuwres.

« Dealt fat under Rule 163(3).
d Price at time ol suspension.

T Indicated dhridead after periling scrip amVor rights issue: cover
relates to previous dividend or forecast.

4 Merger bid or reorganisation In progress.

6 Not comparable.

4 Same interim: reduced final and/or reduced earnings indicated,
j F ixrcast dividend: cover oa earnings updated by latest intend
u alrment.

T Cover allows for conversion ol shares not now ratoons lor dividends
or ranking only lor restricted dividend.
t Cover does nor aBow for shares whacti may also rank lor dividend at
a future date. No P/E ratio usuady provided.

U No par value.

V Dividend carer In excels of 100 times.

K Yield based mi assnngtion Treasury Bid Rale stays unchanged until
mauafty of stock. 4 Taxfree.b Figures based on prospectus or other
official estimate, c Cents, d Dividend rate MM or payable an part of
capital cover based on Amend on <uV capital, c Redemption yield,
f Hat yield, p Assumed dividend and yrekL b Assumed d iv id en d and
yield alter scrip Issue. ] Payment (ram capital sources, h Kenya,
m Interim higher than prerious toul. b Rights issue praam?,
g Earnings based on preliminary figures. xDiriderri and yield exetede a
special payment, t indicated dhrtdend: cow relates to previous
dlvldead, P/E ratio based on latest annul earnings. u Forecast
dhridend: carer basedonpriMnusyearh earnings, v Tax free im to 30o
to the fL y Dividend aid yMd based on merger terms, z Omdend and
yield ioctode a special payment: Corer does not apply to ipeciiJ
payment A Net dividend and yield. B Pre fe ren c e dhndend passed or
deferred. C Canadian. E Minimum trader price. F Dividend and
yield tosed on prasptetas or othrr official estimates ter
1983-84. e Assreard dividend and yield after pending scrip audue
rights issue. N Diridend and yield based on prospectus or nther official
rsllmatn for 1902. K Figires bawd on prospectus or other official
estimates for 1981-82. M OMdend and jneid based on prospectus or
other official estimates lor 1983. N Dhidrod and yield based on
prospectus or other official estimates lor 1982-83. P Figwes based on
prospectus or Other official estimates far 1982. 0 Gross. T Figu-e*
assumed. Z DhMend total to date.

Abbreviations: M ex dMdead; k W scrip issue; w ex rights; a ex
all; m n capital dhtritutioa.

OPTIONS

3-month Call Rates

IndoltrWt

AtUed-Lvons 8

BOCIrrtl 15

B.S.R Bh

BabwCk _ 20

BardoysBank--. 42

Beecfom 21

BteCIrOr 48

Boots—.... 19

Bcwatm — ™ 24

BriLAerbspau- 17

BA.T 38

Brawn U) 7

Burton Ori 15

Cadbwys 9

Counaulds «

Debenbaas. 7

Otullien 15

Ouolop 6?>

Eagle Star-. S

mTf.C 4

Gen. ArrM e n t 28

Gen. Electric 65

Gtoo 42
Grand Mm. 17

G.U.S. ‘A’, 45

Guardian _ 25

tXM — 15

Hawker Skid 30

Hone of Fraser..

I.C.I

“tabs".

I.C.I

Ladtotfce

Legal i. Geo. —

Lex Service

UoyasBai*_„

“Loh"

London Brick

Loras lnds.„. —

“Mitps" —

Writs. & Spaa ....
MUandBa*—

N.E.I

Rat West. Bank.
P&ODbL

Ratal Elect.

R.H.M

tenkOig.Ortf.-.

RMd Intel 7

Sears

Tran

Thorn EMI

Trust Home* —

Tut* Invest

Turner & NewalL
UnHerer

15 Utd. Drapery... I 7

2d Views. 1 16

8 Woolworths™^ 5
5lj

15 Property

Brit. Land 7h

S Cap. Contain — Ilf

£ Land Secs 28

r* MEPC 20

L. Peachey 14

5 Samuel Props. » 11
2 TowoACity — JSij

? Ms

38 Brit.Peireleom.. 26
14 BurmahOil U

32 ChSrtcriu/1 _ £

35 KCA 14

61* Premier 6

Z& Shell 30

26 Trlcmtrct- 22

6 Uhramar 38

4Sl Mines

U Charter Carrs 25

33 Cous.CoM- 45

g Looriw 7

® RmT.rinc 42,

A selection ol Options traded is given on the
London Stock Exchange Report page

Recent toues” and “Rights" Page 3&

Thisre/vta is roAUe to every Company daft to m Stock
KYritan gel ttrougltoiit the United Klnodam for a few af ffras
per am wm /or cash sem i(y

■JU.

-IB Swh i wmS mI. ill lh ihi

^\ r .y-3&\

. 40

Talk Property

N Development to the
i__l_ People who know.

Telephone; 0632 845671 *

FINANCIAL TIMES

Tele phone: 063284567 1

SsESS 3 ”

North British Properties Ltd.

Thursday March 25 1982

/hef

\ I

JSt. :•

HERBERT

MachineTool Technology
British and Best.

WEINBERGER TO BACK BRITISH SUB-CONTRACT BIDS

U.S. and UK in Trident pact

BY REGINALD DALE, US. H3ITOR, IN COLORADO

MR JOHN NOTT the British the continuing build up by the British industry is anxious 40 gramme that could spread over
Defence Secretaiy. and- Mr- Soviet Union of its strategic know precisely which pieces of 20 yean at a cost of $9bn
Caspar ■Weinberger, his US. forces they “supported the Trident eqmpraentwill be open (£5tm) for development In the
counterpart, yesterday agreed deterrmnation of the UJS. and to bids from the UK. U.S.. and $4.5bn for production

on a range of measures to help the UK to ensure the deterrent British companies also want a of the missile. It is the first
British industry hid for sub- capabilities of their strategic full explanation of the very time that the UK has bought a

contracts in the American nuclear forces which are of complex U.S. ' procurement major weapons system from the

Trident 2 missile programme. fundamental importance to the procedures. U.S. at such an early stage in

The offer of such opportune alliance strategy.” . In the U.S. Mir Weinberger its development The missile

ties to British companies fanned Mr Nott and Mr Weinberger has agreed that the Pentagon is still at the research stage and

part of the recent deal under agreed that a team of U.S. tegfe- will approach Lockheed, the is not due for deployment with

which the UK agreed to buy nicai experts would visit the programme’s main co-ordinating U.S. forces until 1989 although

the newer more powerful UK in the near future, to brief contractor, and encourage the this date could be brought

Trident 2 (or D5) system, British industry on how to set company and other prime con- forward,

instead of the Trident 1 (or about bidding for subcontracts tractors to look to British com-

D4) to replace its Polaris inde- in the production oE dhe Trident paniesfor components,

pendent nuclesc deterrent missile, which, is also to be the Mr Weinberger has also
The two men were attending major sea launched nuclear promised to deal with the prob-

" weapon in the U.S. arsenal in lem of congressional amend-
the 1990s. ments passed just , before

Arrangements are also to be Christmas, which put major contracts gained on the Trident

made for the establishment of obstacles in the way of U.S. programme mi g h t displace

a permanent UB. representative purchases of weapons and com- British arms sales to the U.S.

office in London, which Mr Nott ponents from other countries. in other areas,
would like to see installed in There could be vast scope for Senate blow to MX
the Ministry of Defence. British industry in a pro- Page 4

Closed shop
row looms
at BL
car plants

THE LEX COLUMN

Funding Vickers’

By Arthur Smith. Midlands
Correspondent

a two-day meeting here of
Nato's nuclear planning gro»$.
After the meeting the alliance's
defence ministers officially
welcomed the British Trident
decision.

In their final communique the
ministers said That in view of

The UK has been assured that
Washington is genuinely willing
to let British companies com-
pete for a -significant stake in
the programme: The only
anxiety on the UK side is that

Reagan opposed to trade penalties

BY Att&TOLE KALETSKY IN WASHINGTON

The Reagan Administration
will oppose any attempt by
Congress to impose trade penal-
ties on particular countries,
even if they restrict access of
U.S. goods.

This undertaking was given
yesterday by Mr William Brock,
the U.S. Trade Representative
and Mr Malcolm Baldrige, the
Secretary of Commerce in testi-
mony before the Senate trade
sub-committee.

Statements by the two chief
trade spokesmen in the
Administration were intended
to clear doubts at home and
abroad about the U.S. Govern-
ment’s commitment to the exist-
ing multilateral framework for
world trade embodied in the

General Agreement an Tariffs
and Trade (Gatt).

The testimony is the
strongest stand the Administra-
tion has taken so far against
the pressure in the Congress
for trade “ reciprocity " — the
notion that the U.&. should re-
strict access to its market for
other countries which restrict
access to U.S. companies.

-the testimony was the result of debate. ' It was stressed that
consideration by Presiednt existing laws provided a battery
Reagan’s whole Cabinet and of weapons to deal with the
represented President Reagan's situation, including formal corn-
definitive 'view of the matter, plaints to Gatt.

There have been growing . Mr Brock stteaed that trade
doubts about the AdiSnS 1x1 «rvicM-like banking, insur-
tion’s true position on re- ” d ^

dproetty. Speeches by Mr
Baldridge in particular— against

Japanese and European trading of ae Admmistratl0n s trade

«»W e must_ not enact laws practices-have been interpreted P™*

which will force U.S. trade
policy to require bilateral, sec-
toral or product-by-product reci-
procity. A distorted use of
reciprocity- could undermine an
already vulnerable multilateral
trading system,” Mr Brock said.

by congressmen as encouraee-

President Reagan will ask

tr,de 3buSKL S Sdfto^5<S^a

But Mr Brock sought to cruell investment Mr Brock said. He
Congressional concern about will use tariffs, if necessary, as
Japan’s ?18bn trade surplus with a weapon to press other
Trade officials in Washington the U.S., the underlying cause countries to open their market
were stressing yesterday that of much of the reciprocity to U.S. service industries.

Chancellor
fears
effect of
U.S. deficit

By Max Wilkinson,
Economics Correspondent

SIR GEOFFREY HOWE, the
Chancellor, expressed anxiety
yesterday about the trend of
the U.S. budget deficit and
Its consequences for the
European economies.

At the same time, he hinted
to the Commons Treasury and
the Civil Service Committee
that there might be further
concerted moves from the
“ capitals of Europe ” to press
the case for fiscal moderation.

Sir Geoffrey declined to
give details of the conversa-
tions he had had with the
UJS. authorities.

Bat he said: “I am not
wringing my hands in despair.
There is a limit to the impact
I can have on the economic
management of the U.S- bat
I seek to disenss the matter
intelligently where it can be
discussed."

Sir Geoffrey said that if
UJS. Interest rate levels were
to rise sharply on a sustained
basis “ It would make it much
more difficult for every one
of the Western economies . . .
That is the- reason why I have
been anxious about the U.S.
Budget.”

He told the committee be
was worried that the profile of
public borrowing now being
presented to the UJS. Con-
gress was “moving in the
wrong direction.”

He made a pointed con-
trast with his own policy of
firmly reducing the budget
deficit, and said be was very
anxious to see a further
lowering of UK interest rates
within the limits of prudence.

Asked whether the UK
might be forced to abandon
hopes of lower rates if the
U.S. trend turned upwards,
Sie Chancellor said: “I hap-
pen to believe that when you
are discussing policies of
other states in public it it
prudent to do so in terms
that arc less than strident

Bat he said he had taken
such steps as he could and
Chancellor Helmut Schmidt
of West Germany had done
tiie same.

“We live in the world as
It is. There is a limit to how
much any of ns can insulate .
ourselves,” said Sir Geoffrey.

“I am trying to steer as
sensibly as. I can bat there
are other ships larger than
our own in. the economic sea.

I do address messages to the
captains of those other
ships.” ...

+ In Washington Mr Donald
Regan, U.S. Treasury. Secret .
tary, testifying before the
House Budget committee,
admitted that the severity of
recession in the U.S.

the

economy will probably result
in a larger Budget deficit in
the 1983 fiscal year than the
official $91.5ba (£50JSbn>

forecast by the Administra-

tion. , . . __

Howe optnmsbc, Page lu
Economic viewpoint. Page 23

Changes planned in engineering
industry apprentice scheme

8Y ALAN PIKE

FUNDAMENTAL CHANGES In
the organisation of training
are bing planned in two im-
portant sectors . of. industry .to
prevnt apprentice intake slump-
ing during economic -recessions.

Both schema — -in enginering
construction and electrical con-
tracting— would take the
responsibility for apprentice
training away from individual

only after they have achieved decision would be related to
specified standards. projected manpower needs

They will also have the status rather than, as at present the
of trainees and will receive immediate requirements of in-
training allowances rather than . dividual employers.

. T ? ese t - wi ^ . deter_ Young people would, like the
mined by a national joint coun- engineering apprentices, be re-

employers and place it in the
hands of the industry as a whole.

The moves are among the
most significant developments at
industry level since the Govern-
ment launched its New Training
Initiative last December.

The engineering construction
scheme has been finalised and
will begin operating in Septem-
ber. From then, all craft
apprentices will be sponsored
throughout their training by the
Engineering Industry Training
Board's mechanical and electri-
cal engineering construction
industry sector (MEECI), and
not by individual companies.

Young people in the scheme
will receive further education
as well as job-related training,
and will reach skilled status

cil representing employers and
unions and will be £27.50 a
week net of deductions for first
year entrants when the scheme
starts in September.

Skill shortage

garded as trainees and paid
allowances. But although con-
siderable agreement has been
reached on the new scheme
there are still outstanding issues
to be resolved.

These include the status of
the industry's existing 9.000
The engineering construction ' apprentices, so rt is uncertain

Industry has . an annual intake
of only about 200 apprentices,
but the scheme shares many
common features with the pro-
posals being considered by the
electrical contracting employers
and unions.

" This could lead to the recruit-
ment of some 3,000 young
people a year. The aim is to
eliminate the problem of skill
shortages which arise when
apprentice recruitment drops
during recessions.

Employers and union- leaders
would decade at national' level
on the number of apprentices
required by the industry. This

whether it wHl be ready for
implementation in September.

The decision to pay trainees
allowances rather than wages
may prove to be particularly
significant. Apprentice rates in
Britain are high compared with,
for example, West Germany,
and Ministers believe that high
initial pay rates are pricing
young people out of jobs.

An allowances system may
eventually help remove trainee
rates from direct pay bargain-
ing, even though .the initial
engineering construction allow-
ance will be' related to appren-
tice rates.

Morton-Norwich sale challenged

BY DAYTD I.ASCHIES IN NEW- YORK

RHONE-POULENC, the French preventing consummation of the
chemicals and drugs company, deal or, alternatively, damages
has filed a suit in the U.S. and remission of the 1978 agree-
challe aging list week’s deal by znent,

Mofton-Norwich to sell its Neither of the UJS. companies
pharmaceuticals division to had any immediate comment on

Procter and Gamble, the house-
hold products manufacturer.

Rhone-Poulenc claims the deal
would violate a 197S agreement
it had with Morton-Norwich
under which it took a 20.3 per
cent interest in the U.S. com-
pany and agreed to exchange
technology and research.

The suit, which names both
Morton-Norwich anti Procter
and Gamble, seeks an injunction

the suit, though both said when
the deal was announced that
they expected Procter- and
Gamble to assume the tech-
nology agreement with Rhone-
Foulenc.

Morton-Norwich, • which
primarily makes salt-based pro-
ducts, is believed to have con-
sidered buying out Rhone-
Foulenc with the proceeds of
the 8373m <£205m) sale.

Procter and Gamble will be
concerned if the deal is in
jeopardy because it represents
a major diversification and is a
key element of its growth
strategy.

Rhone-Poulenc, which was
recently nationalised, said in
Paris yesterday that Morton-
Norwich had offered to seH it
the pharmaceuticals division
but the price had. been too
high.

When Morton-Norwich
turned to Procter and Gamble,
Rhone-Poulenc was forced to
open legal proceedings.

Continued from Page 1

Jenkins

evidence that he has been
taking votes from. Labour, par-
ticularly "among the young,
though the polls imply that his
support is being squeezed as
polling day has approached.

The result will have a con-
siderable short-term poHtical
impact.. The victory of Mr
Jenkins' would make it almost
certain that he becomes the
leader -of both the SDP and the
AHiance as a whole. It would
also boost the party's recently
faltering political momentum
ahead of the local elections in
May.

At- the- last genera! .election
the late Sir Thomas Galbraith
had a majority of 2,002 over
Labour.

Continued from Page 1

Vickers

contracts for engines for battle
tanks for Iran, he said, Vickers
would receive a total of £11 ,7m,
of which £6.Sm would be in
cash and the balance in the
form of fixed assets.---

41 The settlement, while' It did
not compensate for the total
damage done to the diesel busi-
ness, does provide some allevia-
tion."

The group's appeal to the
European Commission on
Human. Rights 'on the compensa-
tion of £ 62 m paid for its
nationalised aircraft and ship-
building businesses had not
progressed.

The rights issue has been
underwritten by Lazard
Brothers.

Continued from Page 1

Shell

of the group— said current cost
losses would have been much
more severe last year but for
strenuous cost-cutting exercises.
In recent years staff had, been
reduced from- 15,000 to 9,000

Shell’s chemicals business
made an operating loss— on an
historic basis— of about £45m
last year -compared with a
deficit of £66m in 1980. Mr
Keith WaUey, managing direc-
tor of Shell Chemicals, said
that 1981 had been a 41 damned
difficult year," The poor results
of -the base chemicals and'
plastics businesses had swamped
the other operations— such as
agricultural and speciality
chemicals — which had fared
better.

BL bid to reform its

industrial relations could run
into trouble over the controver-
sial issue of the dosed shop
and the Employment Bill now
before Parliament.

The company, which is con-
ducting a wholesale review of
bargaining procedures, could
find itself an unwitting test
case for the Bill, which, the
unions rigorously oppose.

Union negotiators, anxious
to maintain the strength of
the closed shop, are demand
ing the rewording of a pro-
cedure agreement to stress
that union membership sbonld
be a condition of employment.

The company is believed to
have warned that the Issue
could cause a breakdown of
negotiations.

Mr Geoff Armstrong,
employee relations director,
is thought to have said that
BL did not want to be either
provocative or difficult aid it
did not want to break new
ground in areas surrounding
union membership.

The company was reluctant
to get into the position of
being forced to ran ballots on
the closed shop. And he
warned of the potential insta-
bility that co old arise from
legal questions interfering
with industrial relations.

Mr Armstrong said the com-
pany’s wording on union
recognition would prevent
people provoking difficulties
in order to attract large sums
of money in compensation for
wrongful dismissal.

The debate focuses on the
fine print of the deal, but the
issues are large. BL clearly
does not want to be In breach
of the impending legislation.
Nor do the unions, who are
publicly opposed to tile BID,
want to be seen as signatories
of a deal that embodies its
principles.

The hope on both sides
must be that a form of words
can be devised to avoid sneh
a sharp confrontation. Hie
unions, for their part, are
aware there might not be the
rank and file support for a
battle over an issue of
principle.

Hie dosed shop applies to
varying extents throughout
BL Cars’ 30 plants. Bat it
tends to exist by custom and
practice rather than being
embodied in agreements.
Some union officials argue
against the militants that the
defence of the dosed, shop
should be mounted not over
the procedure agreement but
on a pragmatic basis
Both . management and

union leaders refused last
night to comment on the de-
tails .of the negotiations, but
were “ hopeful ” that the deal
would be struck.

The talks were set np last
November in the wake of the
crisis following the all-out
strike by manual workers in
protest at the company’s 3.8
per cent pay offer.

TUC unites, Page 9

new

So fax, at least, the .record 1

since the merger is inconclusive.
Yesterday’s preliminary state-
ment for 1981 shows pre-tax
profits at £24. 6m, which com-
pares with £19.7m in 1980
excluding interest on national!-
sartion compensation. However, •
£6m derives ■ from the- lower
level of - sterling and another
£2 .9m from a higher level of
compensation . over' the Iranian
tank contract Meanwhile cam
are in one of their rare cash-
generating phases. At any rate,
the issue must set some kind
of recent record; at 133p, the
yield on the new
approaches 13 percent
RoUsRoyce Motors

something of a reputation for
coming, to "tire market for
funds, and it looks as if this
is one of the traditions Vickers
has taken over since th£
merger in 1980. Yesterday’s
rights call for £23 .3m net has
been well signalled; indeed it
seems that plans to announce
it last autumn were overtaken

Index fell 1.7 to 562.6

350

300

250

PENCE

BICC

“Shareftioe

A

f-

150

<

£

v

1979 ’80

B1

"§2

After a period in which
capital , account was neglected
the new-lank B1CC is now laying
out much more than, its current

With volume showing little rag
growth.. But this has not w*
vented either company from
bumping up its final paypteffi,
at some cost to dividend

For Eagle star, there am
other factors at work. Tbe \I 2
per cent improvement j 9 .
£73. Sm pre-tax may -anfa»
more interest in Munich %ta
it does in London. ' Affiam
could return to 4 he: attack .fa
June but, at 385p, the shares
already contain a healthy- fad
premium, and Allianz -can
affwd to wait.

Eagle Star’s solvency margin
is. very strong at 87 per eaot
and it would be- surprising ff ~
net tangible assets per jgh&ai
were less than 500p
values. This is all very tempt-
ing but; even after yesterday's
promised dividend bikev' -fag
yield is only 5.7 per cent.'

The. Prudential has after
worries. 1981 stiw -a strong
improvement: - in -'"-'faWstyent
income and rapHBftabte resi-
lience from thfi Kfe- bustmsa.

.1*

cost depreciation charge. This

bV^pr^sT^TMcS^ raTrofiTZ me thM

rout in the stock market What: “ ^ in net nrafifeTn

ever the timing; the issue seems a abserM * guios Serious ■ pnS£- d E

somwhai at Wirt* writh th* of £8m - of redundancy costs * r: , m

original merger -reasoning that above the line^Owerseasgrowth Se^to

■iff iaiu a d r to rio»,.b« »twiti ? fiw

Insunutce

backed .Yrift-stotonaal W'S®. « ,** -told stov some iwowiy m

cial resources, and with greatly BICC couW top£t20m pretal at lg82 b , «t lajt night's orica
reduced gearing, wiU he better curre* exchange_ rates,, for JT^Ttbe mEn

die share must be a prosper.

With "a return . -W *®e « the Stf 9 ^

below what be obtained in increased capital. .
the money markets, and a Gearing is very conservatively

— money markets, and « ~ it

market capitalisation of around stated as a 40 per cent debt/ Arthur fi6U
half net assete, Vickers has equity ratio; taking minorities.- When a whisky company stops

some convincing to do. Essen- into shareholders’ funds and

tially it wants the cash to netting cash off short-term fSinefcf’ to^make 1 Mip itS ,<re
reduce an uncomfortable level borrowings - the figure coahes-

to make the ' month

of net debt from 55 to 39 per down to 16 per cent There is Spand rtoctanf raSurin^piS
rent of shareholders’ funds. So plenty of room for growth in ducf, cash starts pouring ,
the only justification for the fields such as fibre optics, but is exactly what has happened to
issue is a solid improvement in the high technology image has Bell in the six months to Decern-

probably been pushed far
enough for the time being.

overall profitability.

_ At

335p, down lOp yesterday, the
shares yield 4.5 per cent on a
dividend 1$ times covered by
current cost earnings.

ber, and there has also beat an
accompanying boost to pretax
profits, which have jumped by
52 per pent to £14i)m.

Overall whisky volume Is
down shortly, with a 14 per
cent increase in exports in-
sufficient to counterbalance »
decline in the UK of about 14
per cent, ' in line with the

BICC .

BICC’s .shares have enjoyed
a cracking re-rating in the last
couple of years, and figures like
yesterday’s, with pre-tax profits , -

rising from £74.6m to £1 oiJBm Insurance

Yesterday’s results from, the

me attrafautable level the pac- insurance sector confirmed, that market The resulting- stock
rarem not quite so glossy, since 1981 was a good year tostayat adjustments, based on lower
all the growth has come in the home. Both the PiudentM and sales projections, have reduced
international businesses which Eagle Star have reported a the interest costs of carrying
nave tog minority shareholders; marked deterioration in over- maturing product as well as
moreover the fall of sterling seas underwriting and in some allowing the company to reduce
has increased overseas profits areas, notably Australia, can . the amount of higher-priced
on translation by £11.2m. Still, look forward to iittie'better this bbnght-in materials.

Slfik

a decline of only 7 per cent in
.the UK based divisions looks a
very fair performance given the
depth of the recess km in con-
tracting and an 11 per cent
fall in volume in the UK cables
business.

Ominously, the UK under-
writing position is now coming
under considerable pressure,
particularly in commercial lines.
The insurers have emerged from

This year the cash Inflow may
approach 05m, which makes
the, rights Issue 15 months gao
look oader.'tkn ever. The shares
rose l‘p yesterday to 186p, with
a prospective y ield of 4 per rent,

an exceptionally severe winter . less than half that on Distillers.

Weather

UK TODAY .

GENERALLY WARM. Bright
intervals in most -places hot
same drizzle and fog.

England, Wales, Glasgow,

E. Scotland, N. Ireland
Mist or fog in places at first
Dry and sunny. Max. 15C
(59F).

Rest of Scotland
Mostly cloudy, fog or drizzle
on coasts. Max. 10C (50F).

Outlook: Little change.

WORLDWIDE

ISN’T IT

TIME YOU HAD
SECOND THOUGHTS

ABOUT YOUR
COMPANY MEDICAL
INSURANCE?

Y'day

Y'day

midday

midday

-c

■■F

°C

■F

Ajaccio

C

12

54

L Ang.t F

11

52

Algiers

C

14

S7

Luxmbg.

s

10

50

ATnsdm.

F

e

43

Luxor

C

28

73

Athens

C

B

43

Madrid

S

11

52

Bahrain

—

—

Majorca

c

12

54

Barcfna.

F

13

55

Malaga

c

17

63

Beirut

■ —

—

Malta

c

15

59

Ballast

C

11

52

Mchstr.

s

12

54

Belgrd.

s

B

43

Mslbne.

—

—

Berlin

S

10

50

MX. c.r

—

—

Blatritr

F

8

48

Miami!

--

Bmghm.

S

12

54

Milan

s

13

55

BlackpT

c

9

48

Moim'lt

c

-2

28

Bgfdx.

F

10

50

MOSCOW

S

4

39

Bouton.

F

B

46

Munich

s

1

45

Bristol

S

13

55

Nairobi

F

30

86

Brussels

e

5

41

Naples

c

14

57

Budpst.

s

7

45

Nassau

—

—

Cairo

F

22

72

Nwcatl.

c

11

52

Cardiff

s-

10

50'N Yorfct

—

—

Casbca.

s

18

64

1 Nice

F

12

54-

Cape T.

s

18

1 Nicosia

—

—

Chlcg.f

c

7

45

Oporto

s

17

83

Celcgn*

s

11

52

Oslo

c

3

37

Cpnhgn.

c

9

■48

Faria

s

10

50

Corfu

5

14

57

Perth

s

26

79

Denvwt

F

-1

30

Prague

s

8

46

Dublin

S

12

54

Rykivfc.

c

4

39

Dbrenk:

s

13

55

Rhodes

c

16

61

Ednbgh.

c

13

■55

Rio J'ot

—

—

Faro

s

19

68

Rome

c

14

57

Florence

F

13

55

Salzb'rg

s

8

46

FranH't

s

10

30

S'ciscot

—

—

Funchal

c

17

63

S. MMte

_

Geneva

3

7

45

Singapr.

c

31

88

Gibritr.

C

18

6*

5‘tlagol

. —

—

Glasa'w C

11

62

Stckhm.

c

4

39

G'msey

s

8

46

Strasb'g

s

10

60

Helsinki

c

2

36

Sydney

—

—

H. Kong

F

28

79

Tengior

s

19

68

Jnnsbr’k

s

8

46

Tol Aviv S

19

66

Invmas.

c

12

54

Tana rite

F

21

70

l.o.Man

-»

—

Tokyo

C‘

16

6 1

Isranbut ’

c

3

37

Tor'nret

—

Jersey

s

B

46

Turds

F

15

69 i

Jo' burp

.

—

Valencia

F

11

62

L. Pirns.

F

20

68

Venice-

S

12

54

Lisbon

s.

19

66

Vienna

S

8

48

Locarno

s

12

54

Warsaw

S ■

7

45

London

s

10

so :

Zurich

s

8

46

Ifyou are thinking of private coveraienawwiddyappredatedbTftfi

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G— Cloudy. P- For. ft — fain. S — Sunny,
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aVVcSra" ttrwE

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